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When most people buy a house, they don’t actually pay the whole amount but take mortgage. Mortgage means that you continue paying installments of money over 20 to 25 years. At one hand you enjoy living in your house but on the other hand, there is a sword over your head as you can lose your house if you don’t pay the periodic installments. Therefore, most people want to end the mortgage period as soon as possible.

Sometimes people get a chance to pay off the outstanding amount earlier than original term. While the decision to pay off mortgage earlier than anticipated looks very fascinating at first glance, there are various aspects which should be considered. There can be potential benefits as well as adverse effects. This article discusses all these aspects in detail.

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