Is it better to pay off a mortgage early or refinance to a 15-year loan?

It is better to pay off a mortgage early than to refinance. You incur new debt by refinancing, which can set you back financially in closing costs. Another reason is the money you pay extra is optional, you can use it in case of a rare emergency. The down side is you must practice self discipline and have a few hundred dollars each month in order to get your mortgage paid off early. The fifteen year fixed refinance is another way to pay off your mortgage early.

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