Should I Pay Off My Mortgage? - The Truth

Most people know that getting a mortgage is one of the biggest expenses in life. Recently, some people have been asking the question, "Should I pay off my mortgage?" or "Is it smart to pay off your mortgage?" Read on to discover the truth to these questions.

First let's talk about interest rates. Many people wonder if they should pay off their mortgage if they have a low interest rate. For example, they may have a 6% interest rate on their house and have been told that it's not smart to pay it off.

The truth is that nobody has a 6% interest rate. If you don't believe me, just look at your mortgage statement. Notice how the principal is really small and the interest is really big? Notice how 85% to 90% of your house payment goes to profit for the bank? The mortgage company always collects their profit up front for the first few years of the loan. So it's not really a 6% interest rate unless you pay it off during the first year! Now who does that?

Second, let's talk about a common myth - the mortgage tax deduction. How you ever heard someone say, "Don't give up your mortgae. It's the last best tax deduction that you have!" You know what? It's a lie.

Yes your mortgage is a tax deduction. But here's the truth - you're going to pay about 3 times the price of your house during the time you're in debt for 30 years.
Also, let's say that you're in the 30% tax bracket. Well, that means that the government is going to give you 30 cents for every $1 that you pay in interest. Wow! Does that sound like a good deal? To give the banks $1 and you get 30 cents back? That's what this so-called great "tax deduction" is about. If someone thinks that trading $1 for 30 cents is a good deal, then they need to have their head examined!

Also, here something that you may not know. Do you realize that the average person moves once every 7 years? Remember how the banks always collect their interest (profit) upfront before you actually start paying down your loan? This means that if you move once every 7 years, then you'll always be at the beginning part of a home loan paying 90% interest! This causes most people to have very little equity in their home when they decide to move because they have given most of their money to the bank!

Here's another little known fact. The word "mortgage" comes from the Latin word mortuus which means "death." The word "gage" means to pledge or grip. So you can see that the word mortgage really means "death grip!" There's no question that a mortgage is a long term burden that most people would be better without.

Paying off a mortgage is about more than just numbers and figures. It's about the choice of freedom. Freedom from all debt payments. What would your life be like if you had no mortgage payment, car payments, or credit card payments? How much better off would you be? Could you make some different choices in your life? Maybe you could stop going to the job you hate because "it pays the bills" and do something else instead.

You see, being debt free is really about taking back control of your life! So the answer to the questions, "Should I pay off my mortgage" and "Is it smart to pay off my mortgage?" are a loud "YES!" As fast as you can.

Should I Pay Off Mortgage? - Discover how to pay off your 30 year mortgage in 10 years or less.

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