For the most part, the classic American dream includes home ownership. A comfortable job, a vacation once a year, and a place to call home. What’s funny is that the vast majority of us are relying on 30-year mortgages to “own” our homes…but no one ever talks about the reasons to pay off your mortgage early.
So, in some sense, we really aren’t owning our homes – we just feel like we are. And it’s so commonplace to have a mortgage that nobody really second-guesses it.
To be fair, there are some benefits of having a mortgage. But does that really mean that it’s a good idea for everyone? Should it be the norm?
I’m not convinced. Here are some of the biggest reasons to pay off your mortgage early (and why we’re doing it):
Related post: How to Pay Off the Mortgage Early