Here's a quick post from my Go To Loan Officer, John Skoglund.
In the past I was always been an advocate of using the interest deduction on a mortgage to it maximum extent. Now, I advise clients to make extra principal reduction when possible. If they make the extra principal reduction they will be less likely to become upside down on their mortgage. In fact they will have the mortgage paid off in a reasonable time frame. A $100 extra a month can reduce the life of you loan be 4 or 5 years.
Have a great week!
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