This advice doesn’t count if you come into millions…so ignore this if you win Powerball and want to pay off your mortgage in full. For the rest of us, experts say there are some times when it’s actually better to stay in debt.  Here are a couple reasons why:

1. If there’s a pre-payment penalty. You’re not going to find these on a ton of mortgages, but when you do it could be as much as 3% of the outstanding balance. Check first.
2. If you’re not saving for retirement or your kids’ education, you should put money toward those first. The taxes are deferred, so you make interest on what you WOULD have paid the government. And mortgage interest is tax-deductible, so you get even more tax savings.
3. You could get a better return by investing. Usually you’ll get higher interest rates on investments than you’ll pay on your mortgage. So invest all your extra money, and you might have a LOT more money when you pay off the house.

Mandy’s Fabulously Frugal Fact of the Day is brought to you by…

Old World Deli is Bellingham’s authentic delicatessen in the European fashion! You can dine-in, shop the market, and order wine, meat, cheese, and groceries for pick up or delivery!  Order online or visit them at 1228 N. State Street in Bellingham!  Check out their daily specials on Facebook to save money on your lunch or dinner.