The flowchart below covers important decision-making factors a client must consider when paying off their mortgage, such as:
- Thoroughly weighing the pros and cons involved in this big decision, and how they specifically relate to their financial situation.
- Recognizing what degree of flexibility they may or may not have after paying off the mortgage.
- Considering any tax implications that may result from paying off the mortgage.
- Identifying sound reasons for paying off the mortgage, and determining the best course of action if applicable.