Will it be wise to pay off my mortgage early

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I have got a good job here in Kuwait and want to pay off my mortgage (about $80000) on my home back in U.S. The house is valued at $172000. Right now I have about $50000 and plan to continue with this job atleast for another 8 months or. What do you think will this be a good move or will I lose out on any tax benefit? Cool

Daniel

Samantha · Posted: Tue Nov 22, 2005 2:21 am Post subject: RE:

Hi Daniel,

Welcome to MortgageFit Forums.

You can pay off your mortgage but before that you need to ask your self some questions.

1. Am I saving enough for my retirement? If you are not saving at least 15% of your gross monthly income then you may not saving enough.

2. Have I paid off other debts? You should not repay your mortgage first if you other debts. Pay off credit cards, auto loans and other obligation first.

3. Do I have a sufficient emergency fund? At a minimum, you should have a cash stash equal to three months' expenses, more if you have a high income or are your household's only earner.

And if you have taken care of your other goals and now want to payoff your mortgage go for it.

God Bless You.

Thanks,
Samantha

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