Should you pay off your mortgage early?
By Jeff Ostrowski, Bankrate.com
Can you pay off your mortgage early?
The short answer is yes — you can pay off your mortgage early. This is referred to as prepaying a mortgage.
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Most mortgages don’t come with a prepayment penalty, so you can make extra payments or pay off the loan in full at any time without incurring a fee.
If you’re not sure whether your loan includes this fee — again, most don’t — refer to page one of your closing disclosure, or look for a section in your mortgage note related to the “right to prepay.” Alternatively, you can ask your mortgage servicer.