The PennyMac Mortgage Blog is where you'll find unbiased, useful info to help save you money, time and peace of mind during the mortgage process. If you have a mortgage or are about to get one, we think you'll find info here you can't always get elsewhere.
Whether you want to spend your time on the golf course, traveling the world, or just relaxing with friends and family, most people have one common retirement goal — freedom. One thing that can increase personal feelings of freedom in retirement is a reduction in debt and bills.
Pay off the principal you borrowed more quickly, and you’ll own your home earlier, and pay less in loan interest. You may even save tens of thousands of dollars over the life of the loan. In fact, 32% of homeowners have paid off their home loan.
There are a lot of conflicting ideas about whether or not paying off your mortgage early should be a top priority. A family member might tell you paying off their mortgage was one of the best moments of their life, while a friend warns you that paying early is a mistake. With financial gurus on both sides of the fence, it can be hard to know what to do. So, what's the right move today—pay off your mortgage early or don't worry about it?