Question:

Should I pay off my second mortgage if I have some free cash?

Answer:

If you have some free cash and wonder whether to pay off your second mortgage as much as possible, or invest it in a retirement plan or put it in savings account, it largely depends on the case and the numbers. You simply cannot decide right at once.

Some people fare best by contributing to their mortgage as becoming debt-free is very important to them. Others would calculate that a 401k may bring slightly higher return. Yet, some others may like to invest the money in the real etate and purchase an investment property.

Whatever you decide to do, bear in mind, it is always best to be debt-free on your house if you can afford it and build your wealth as a debt-free homeowner.

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