Pros on cons of repaying mortgage fully

eldaniel

Hi, if you would have small amount of mortgage left and had an option to pay it off would you do it or is there any advantage of leaving small amount in there hanging? Thanks

nick74

Some people used to leave a tiny mortgage balance outstanding just so that the lender would store their paper deeds for free. That's pretty much academic now as most lenders won't store paper deeds at all, at least none of the lenders I've used in the past 20 years would.

Unless there's a chance you may need the cash for something else, or if the loan is at such a fantastically low rate that you could invest the money at a higher rate elsewhere, I would just pay it off.