While homeownership does fall into the asset column because of appreciating value and equity, what many fail to recognize is that a mortgage is a liability until paid full.
There are some simple ways to pay off a mortgage quicker then you might expect. However, what is more, important is the impact of being mortgage free.
After staying on a budget, paying down debts, and creating some positive cash flow, see how much extra each month you could put towards your principal amount.
Splitting your mortgage in half and paying bi-weekly ends up resulting in one extra mortgage payment each year.
At the end of the day, paying off your mortgage does one thing – it pays off your most expensive budget item and frees up money.