A new home tends to be the largest purchase and investment most people will make, and a mortgage is therefore the largest debt a family might face in their lives. In light of that, many may consider trying to push themselves to pay their mortgages off earlier than planned. But is that the smartest financial decision? There are a handful of questions to consider, however, before choosing this course of action.

Would you deplete an emergency fund? Having money on-hand for unexpected circumstances can bring you more peace of mind than having less debt.

Could that money be better invested to produce a better return? Paying down debt seems like a good strategy in the short-term. If you have the money to spare, check with a financial planner to see if you might better benefit in the long-term from investing in certain stocks and bonds instead.

Are you planning to stay in this home for a long time? If your plans for the near future are to upgrade to another home, there’s no real benefit to paying down your current mortgage any faster. Depending on the market, you could end up stuck in a house you’re trying to sell.

Does your annual budget rely on the tax credit you receive? Remember that your mortgage interest represents a tax deduction that slowly decreases as you pay off the debt. Depending on your financial situation, you might be better served by keeping the debt and the deduction, rather than removing the debt.

The answers to these questions will help you make the smartest decision when it comes to paying off your mortgage.

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Here we are again. The temperature dips and Christmas music can be heard everywhere. November means preparing for family visits and Thanksgiving dinner, and it also means it’s time to start preparing for the winter ahead. Here’s an overview of the things you’ll need to check and maintain in order to “winterize” your home.

Windows and Doors – These are often the biggest culprits when it comes to losing heat or allowing cold air to come in. Inspect all external windows and doors for cracks or holes, and replace as needed. Use weather stripping around the edges and install storm windows if available.

Structure and Foundation – As the weather fluctuates throughout the year, cracks can occur in the foundation and walls. When winter arrives, mice and other pests will find these cracks, trying to escape the cold. Seal and tuck-point these cracks, and make sure that there are no food sources near the inside or outside of your home.

Roof and Gutters – Adding insulation to your attic and replacing old or worn shingles will help keep heat from escaping as it rises. Keeping the gutters clean will direct water away from your home before it starts to freeze.

Plumbing – Frozen water in pipes can cause costly damage. Make sure you know how to shut off your water main in the event of an emergency, insulate any pipes exposed to the outdoors, and drain other tubing such as hoses or air conditioner pipes.

Miscellaneous – If you have snow removal machines, or even just a shovel, make sure they’re in full working order. Since heat or fireplaces will be running more often, be sure that smoke and carbon monoxide detectors are functioning and have fresh batteries. Finally, winter storms can knock out power and other systems—have an emergency kit handy.

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A big part of homeownership is safeguarding what is yours. When you purchase a home through a mortgage lender, you will be required by the lender to also purchase homeowner’s insurance (also called hazard insurance). This policy covers a number of potential calamities that can befall the property, from theft of personal belongings to the total destruction of the building. This insurance protects both the lender from losing their investment on the property and the homeowner’s peace of mind should a disaster occur.

The price of the insurance is determined by several factors, including the size and condition of the home and its proximity to hazards. For example, a home that is located closer to hurricane-prone regions will require a higher premium paid to the insurer than a home in a more stable area. Also of note is that while typical homeowner’s insurance polices include a group of basic coverages, others, such as flood coverage, may require a separate policy or additional riders. A homeowner can also lower their premium by investing in home protection measures such as security systems and fire sprinklers.

Homeowners have a handful of options when choosing an insurance policy; the most widely used policy form is the HO3, or “Special Form” policy. The Special Form policy acts as a blanket coverage on the property with the exception of any named exclusions (such as earthquakes and flood). The HO1 “Basic Form” and HO2 “Broad Form” differ from the HO3 in that the specific coverages are named, rather than the exclusions. There is also the HO5 “Premier” policy that covers more than the HO3, the HO6 for condo owners, and the HO8 for older homes (in which the cost of replacing the home would be much higher than the home’s value on the market).

Insurance also classifies the property based on usage and structures. The four main property coverages, labeled A-D, are Dwelling (the house itself), Other Structures (such as a garage), Personal Property, and Loss of Use/Additional Living Expenses (covers expenses related to renting out part of the property). Additional coverages may be added for additional premium, as desired.

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