When it comes to property, there is no one right way of doing things. After a few years of property ownership, homeowners will often think about what they should do with the equity they’ve built up. In particular, they often consider expanding their property portfolio.
However, that thought bubble often appears as they are trying to pay down their mortgage on their home. Both options have their own set of advantages and disadvantages, and the decision ultimately depends on your personal financial goals and risk tolerance.
Here are the pros and cons of both paths.
Paying off your mortgage
Staying with the same lender for convenience can lead to higher fees and interest. Regularly reviewing your mortgage and comparing products
with the help of your broker can ensure you avoid unnecessary costs.