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Why You Shouldn't Pay Off Your Mortgage

Toronto Realty Boutique
Publication date:
November 30, 2022
Article Summary: 

The article argues that paying off a mortgage is not always the best financial decision, as owning a home outright or having a lot of equity in it may not be the fastest way to grow one's wealth. Debt is a powerful tool in growing wealth, but it needs to be controlled, and paying off a mortgage should only be done if it makes the most financial sense. The article recommends paying off all credit cards, paying off vehicles, building up savings, and getting retirement savings on track before considering making extra payments to one's mortgage or paying it off outright. The article suggests leveraging equity to build wealth by considering other investments that will pay an average of more than one's mortgage interest rate. The article uses an example of investing in a pre-construction condo as a way to begin building wealth in real estate.


mortgage, paying off, debt, wealth, investment.

Source Citation: 
Toronto Realty Boutique
Why You Shouldn't Pay Off Your Mortgage
November 30, 2022
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