As a homeowner, you might find yourself imagining a future free of regular mortgage payments. While there are a number of ways to pay off your mortgage faster, it’s important to consider not only how you can achieve this, but should you.

Even if you have extra income that could be put towards paying off your mortgage early, if you’re one of the following types of homeowners, doing so isn’t advisable:

• Homeowners with low mortgage rates: If you’re a homeowner with low mortgage rates, your money might be better suited towards investment in retirement savings like a Roth IRA or 401k, both of which could provide you with a higher return than paying off your mortgage.
• Need-based financial aid applicants: If you’re a parent applying for need-based financial aid for your child’s education, you might want to hold off on that early payment. Home equity may negatively affect your eligibility, as many institutions factor it into your total finances.