|Why you shouldn't pay off your mortgage|
|Paying off your mortgage early sounds like a great idea. But could it be a mistake? Financial experts argue that with low interest rates, paying off a mortgage early for most people is not the best strategy.
Greg McBride at Bankrate.com told online financial resource TheStreet that when you factor in both inflation and tax deductibility, "you’re basically borrowing money for free." He suggests that if you are going to pay off your mortgage early, make sure it’s the last thing that you do.
Experts explain that you should pay off all high-interest credit cards, build up six months of living expenses for emergency savings, contribute to your kids’ college funds, and max out your own retirement contributions before you prepay your home mortgage.