There are many benefits of prepayment privileges!
✨ Making prepayments on your mortgage can result in significant interest savings. Every additional dollar you put towards your mortgage is one less dollar that will accrue interest over time. These savings can accumulate to a substantial amount over time. If you make consistent prepayments, you can pay off your mortgage faster, which may be appealing if you aim to be mortgage-free by retirement.
✨ Prepayment privileges give you more control over your finances. You can make extra payments towards your mortgage with extra money, like a bonus or inheritance, or gradually increase your payments as your income grows. This allows you to manage your debt according to your personal circumstances and pay off your mortgage faster while saving on interest charges.
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