Why You Should Pay Off Your Mortgage Early

Did he just say pay off my mortgage? Chances are you've never heard this financial advice: You should pay off your mortgage as fast as possible. Now I already know what you might be thinking, shouldn’t I pay towards my retirement first before considering my mortgage?

Pay off your mortgage fast.

I think if I had to classify my “Financial Personality” I would be the person who says all debt is bad and the quicker you are debt free the more freedom you have to do what you want.

Why You Should Pay Off Your Mortgage Quicker

It is important to point out that 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.

Cash Flow

Imagine what you could do with an extra $1,500-$3,000 every month. Would you invest, or maybe finally start that business you have been talking about but didn’t have the capital.

Passive Income

One of the simplest ways to create more passive income is through real estate. But if your budget is already stretched thin because of a mortgage, owning multiple pieces of real estate is typically not an option.

Freedom of Choice

My favorite reason for being debt free and paying off our home – freedom! Like Mel Gibson in Braveheart, I just want more freedom. The fact that about 99% of all decisions revolve around money  sort of sucks.

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