If your mortgage costs 8 percent a year, that’s what you’ll earn on your prepayment. Compare that return with what you’d earn in other comparably safe investments, like a CD or paying off credit cards (If you pay 18 percent on credit cards don’t even think about prepaying a 8 percent mortgage instead.)
Note. Notify your lender if your personal or financial status changes between the time you submit and application and the time its funded. If you change jobs, get an increase or decrease in salary, incur additional debt, or change your marital status, you must let the lender know.