If you’ve ever considered paying off your mortgage three, five or even 10 years earlier by making extra payments, you’re not alone.
Ross Mannino, a financial adviser and managing director at Ameriprise Financial Services, told CNBC Select that clients come to him with this idea all of the time.
For some homeowners, like those with higher interest rates, a stocked retirement fund and no other debt, it may be the best move. But for many others, the decision could ultimately mean missing out on tens or hundreds of thousands in retirement savings or accruing more interest than necessary on bad debt.
To help you avoid losses and maximize gains, we asked Mannino, a certified financial planner, what you should consider when deciding whether…