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UT Reader Asks: Does It Make Financial Sense To Pay Down My Mortgage Faster?

  • February 14th 2013

by Shilpi Paul

UT Reader Asks: Does It Make Financial Sense To Pay Down My Mortgage Faster?: Figure 1

In this installment of UrbanTurf Reader Asks, a DC homeowner with a growing cash flow inquires about the pros and cons of paying down his mortgage faster as opposed to investing elsewhere.

I'm a homeowner and recently got a pretty significant raise at work. I'm wondering if it makes sense to use some of the additional cash to pay down my mortgage faster. I am about three years into a 30-year mortgage and have refinanced to an interest rate of 3.75 percent. I should probably ask a financial planner, but I'm wondering what UrbanTurf readers think. Does it make more sense to take a chunk out of my remaining mortgage payment or should I invest it somewhere else? What are some of the pros and cons?

Readers, what do you think? Post your thoughts in the comments section. If you would like to submit a question for UrbanTurf Reader Asks, send an email to editor2013@urbanturf.com.

See other articles related to: mortgages, urbanturf reader asks

This article originally published at https://dc.urbanturf.com/articles/blog/ut_reader_asks_does_it_make_financial_sense_to_pay_down_my_mortgage_faster/6655.

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