Is it smarter to invest extra money or use it to pay off a mortgage?

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According to an excellent article on real estate mortgages originally found in NetWallet, there are 6 things to think about when considering a mortgage:

  • The current market value of your home
  • The mortgage interest rate for your home
  • Current home appreciation in your area
  • Your current/expected income tax rate
  • Expectations for inflation in your area
  • An assumed rate of investment return

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This article also includes 5 reasons for responsibly maintaining a mortgage, supported by Ric Edelman, founder of Edelman Financial Services in Philadelphia, who mentions “Wealth is created by investing, not by paying down debt."  READ MORE