Do you have the ability to make a mortgage payment in whatever amount you want to this month, without any penalty from your mortgage company and without having to ask for approval?
Have you ever had a situation where you had an unexpected expense come-up?
As you pay down debt, can you take money out again - up to your borrowing limit, whenever you need and without asking?
For most people, their home “stores” the largest piece of their wealth, yet they can’t use it. Do you have a way you could tap into this large portion of your wealth?
Are you able to save as much money as you really need to live the type of retirement you want, or are you diverting a large portion of potential savings into your mortgage payment each month?
By paying off your mortgage, then focusing on “catch up savings” for retirement, have you calculated how many years you’ll have to work, after paying off the house, before you can comfortably retire?
Do you know what your bank’s “posted rate” is, and how it impacts your costs over the life of your mortgage? Do you know how to calculate these real costs?