4 Reasons To PAY OFF YOUR MORTGAGE EARLY

It seems like you have two very distinct type of homeowners out there. You have one group that strives to be completely debt, free and even tries to pay off their mortgage early. And on the other hand, you have a group that basically tries to live off the equity in their home and never pays off the mortgage and continues to refinance anytime there's an opportunity to pull equity out. Which way is the smarter path especially for those that have ultra low interest rates?

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[alexcrypto]

I’m 26 and bought a home in cash in a LCOL area. No debt whatsoever

Well yesterday I got demoted at my job, so I came in today and quit on the spot

When you live below your means and stay away from debt, you have freedom and the ability to walk away from any shitty position in life

[KentWhitemore-cc]

I think it's time to make it more appealing for potential buyers. Real estate can be quite the rollercoaster! the stress and uncertainty are getting to me. I think I'll cut rents to attract potential buyers and exit the market, but i'm at crossroads if to allocate the entire $680k liquidity value to my stock portfolio?

[timothyhayes]

I paid mine off 11 yrs ahead and the peace of mind is priceless.

[valerierogers]

You own your house and your vehicle you've got it made.

[mikeshafer]

The reason to pay off a mortgage is to NOT have debt. Some people like debt, but my philosophy is the best debt is no debt.

[userundefined]

I paid off my 30 year mortgage in 9.5 years. That was the best feeling of relief I've ever had next to my ex telling me she wasn't pregnant.

[snoopy]

Paid off my house in 6 years. Threw everything at it. Was it the best idea financially? Maybe. Maybe not. But life is not all about money . My peace of mind is very valuable and I’ve had a lot of peace of mind. Nobody wants stress, fear, worry. Those emotions make you feel very poor.

[richardhay]

I paid off my 30 year mortgage in 11 years in August 2023.. Very glad I did.

[MuzicTunes-lknp]

Once your mortgage is paid off, paying your other bills is less stressful. No more thinking about seeking a second job or working overtime at your current job. When I paid off my mortgage early 13 years, I paid off all my credit cards & car payments within 2 years. Dept free is a great feeling. 😃 👌

[jeannine.]

We paid off our mortgage years ago, and have no debt. So glad we did. Look at the economy now. It's a mess. Best to have no mortgage, and no debt. Continue to save as much as you can. While many took vacations, I applied the funds to the mortgage balance each and every month. A debt is a debt is a debt. A mortgage is a debt. Pay it off.

[johnjaco]

I love the feeling of not owing anybody anything, , , it's called piece of mind, , , priceless.

[wickedlynaughty]

Definitely in the pay off your mortgage early camp. Just for the peace of mind, that is priceless, it's a different type of wealth that can't be measured in dollars.

[strokeracp]

Proverbs 22:7 reads, “The borrower becomes slave to the lender.”

[LibraryHobbit]

We paid cash for our retirement home. No debt. No car payments. What a blessing.

[tomcappel]

I paid off my mortgage when I was 55 to be debt free. I was able to retire at 58. I live extremely well on 50k income. The peace of mind and the ability to sleep well at night cannot be underestimated!!

[FitzElda]

I’m from the U.K.i paid my mortgage off early back in 2014 age 43. Best thing I ever done from a peace of mind point of view.

[fburky]

We thought through this same scenario. We decided to pay off the house. So glad we did as my husband had to leave his job. With no income, we'd had to have gotteng into our investments to pay our mortgage, we'd have had to pay penalties, which would have eaten up any profits we'd made. The stress of having no job was so much easier to deal with, with no mortgage and having our vehicles also paid off. Was very much worth it in our situation.

[marblox]

I always give Mike a Thumbs Up simply because he is worth listening to.

[elziemcmillion]

Rich man, is a man with "NO DEBT"

[optomix]

My wife and I paid off our mortgage 3 years ago and its great! The piece of mind is priceless.