I heard some advice once: When you get a mortgage, don’t even think about paying it all off.

They didn’t mean “you should default on your loan” - I think the implication was more that you’ll probably sell your house before your 30-year loan term is up, so don’t think of that huge loan as a weight around your neck the whole time… but I’m not completely sure.

Is that good advice? Why or why not?

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Mortgages were always taught as good debt as you’re building equity over time.

But we’ve all been lured by marketing slogans. “Live Richly” or the idea that you deserve to tap your home equity with loans for travel and fun. Telling you to go into debt because you worked hard to get there. Started with a very famous ad campaign for Citibank.

That all said, you gotta live somewhere.

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You will most likely sell your home before your mortgage gets paid off but you should be making significant payments so that when you do sell it- the partial property and value is actually yours vs the banks (along with any increased property value). Ya. Pay that mortgage!

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I am not the most experienced on this topic, but I usually think about the alternatives when making this kind of decision. If my mortgage is at 3% and all my investment products have higher yield, I’d pay the monthly and nothing more. If my rate is at 7% and most of my investment products yield lower, then I’d focus on paying it off.

Beyond the rational thoughts, I just wanted to say it felt amazing without mortgage. We paid off our mortgage in 5 years as the rate we got was not good at the time so we put a big chunk of our money into paying it off as a priority. Right now all our spare cash goes to investment with no debt hanging over our head. It’s a liberating feeling.

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Im not paying a single cent of my 2.375% rate mortgage any earlier than I need to. I don’t understand why anyone would. Anyone can beat that rate in the market. Come and get me Dave Ramsey!

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