If my husband and I have come into extra cash is there any way we can pay off our mortgage earlier?

You can pay off your mortgage early, however, some mortgage companies have a pre-payment penalty. You will want to call your mortgage company and ask them what the payoff amount is. The actual payoff is typically higher than the balance you see on your statement as interest is paid in arrears. You will want to ask if there is a pre-payment penalty and if so, how much it is.

An early mortgage payoff can net substantial interest savings compared to making scheduled payments for 15 or 30 years. So unless you have a pre payment penalty you can call your servicer and request a pay off. If you have any questions please give me a callSharon732 606 6264

Yes... However most financial planners will advise against this.. When you understand that "Cash is King!", you will understand why.. Most folks look at their home as an investment.. and that's not necessarily a good thing.. If you have a home that is worth $300K, and you only owe $100k, and you all of a sudden lose your job, how accessible is your equity? The reality is that it isn't!! without a job, you cannot get a 2nd mortgage or tap into your equity.. if you lose your job and cannot make your payments, you stand to lose your home and your equity.. also, there are many investment vehicles that are returning higher rates that what is being offered for mortgages.. so if you have the potential to gain 10% annually on your investment, but your mortgage rate is 4%, your far better off leaving the money in the investment rather than paying down your mortgage.. This all being said, there is something to be said about having a paid off home and the security that comes with knowing that if the whole world falls apart, you will always have a home.. my suggestion is to sit down with a financial planner and let him look at your complete scenario.. there might be a way to obtain both goals (paying off your mortgage early, and keep a good cash/investment account).. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Yes, you can pay off your mortgage early as loan as you do not have a prepayment penalty. You can determine if you have a prepayment penalty by looking at your current loan terms or contacting your current loan servicer.

Sure... you can always make extra payments, or pay off your loan early. The easiest way is to simply switch to bi-monthly automatic payments. On a standard 30-year loan, simply doing that will pay the loan off in about 23-years. Another common way is to simple add whatever amount you wish as extra principal. Many other do it lump sum when they have extra cash. I know a few people who always pay their tax refund to principal reduction. Anything extra you can safely pay along the way will work. www.MNHomesandLoans.com

Yes. If you have an FHA loan, and plan to pay off in full, be sure to time your payoff to avoid paying an extra month of interest.

Everyone has given you good advice. Just check with your Financial Planner to see what they advise. Do your homework, and you will be able to make the right decision.

Yes, you can pay off your mortgage early. Just be sure there is no prepayment penalty before doing so. If there is, you can pay it down and leave a small balance until the prepayment penalty is up. Loans with prepayment penalties are pretty much non-existant anymore. I hope this helps. If I can be of further assistance please feel free to call me at 727-460-9418. Best Regards, Linda Burek, First Choice Mortgage.