Nicholas Abbott- Financial Advisor

We all know there are various tactics for building long-term wealth. Paying off your mortgage early may be an option for some. However, focusing on investing money or paying off other debts first could be more beneficial than early repayment of a mortgage. Ultimately, what’s right for you depends on your personal finances and unique situation. In case you decide that early repayment could be beneficial for you, here are a few possible strategies for paying off your mortgage early:

🔹Commit to making one extra payment a year. A single extra payment a year
can help you pay off your mortgage up to 4 years early.

🔹Make lump-sum payments when you can. Lump-sum payments are typically made possible when you get an influx of cash. Remember to check with your loan servicer on how this is done.

🔹Debt Acceleration Strategies: Converting a portion or all of your debt to a line of credit might help you save interest and pay down your balance more quickly through cash flow strategies known as “Sweep Strategies” or “Velocity Banking”.

The sooner you begin investing, the longer your money has the opportunity to work for you. We've included a short video to help illustrate just how costly procrastination can be.
Run Time: 1 min 4 sec.

The Cost of Procrastination Procrastination can be costly. When you get a late start, it may be difficult to make up for lost time.

Wishing you and yours a very Merry Christmas!

Do you know the ins and outs of charitable giving? It's more complicated than you may think. We've included an informative article to help you maximize the benefits of your donations.

Year-End Charitable Gifting and You This article may help you maximize the benefits of your donation for your chosen charity.