How Aggressively Should You Pay Off Your Mortgage?

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How aggressively should you be paying off your mortgage? This answer will differ depending on your given financial situation, but we can still offer you some good advice.

We're big fans of Dave Ramsey, and he always suggests that you should pay off your smallest debts first. This may be a credit card, a vehicle, or a student loan. Once you have paid these off, take that money and roll it over into your mortgage payment.

I would also suggest building up an emergency fund. If done correctly, you should be able to collect enough to get you through 6 months if an emergency occurs. According to Murphy's Law, you will probably need this fund at one point or another.

Some of the things that may take away from you paying off your mortgage are retirement accounts and college funds. Paying off your mortgage is important, but planning for retirement is also valuable. This is a decision that you will have to consider for yourself, or perhaps with a certified financial adviser.

As always, please don't hesitate to reach out to me if you have any questions about this issue, or about real estate in Rochester!