While many people believe that it is better to pay your mortgage down as quickly as possible, it really isn’t always the best strategy.
Making this decision depends on your individual situation and should not be taken likely. First of all, every other piece of debt you have should be paid off first unless it is at a lower rate than your mortgage. There is no point in having clear title on your house if you have $10000 in credit card debt at 19% interest.
If you are the type of person who is good at saving money for the future, you may even want to use your mortgage as leverage to increase your savings. If you can consistently make 12% interest on your investments and are only paying 6% on your mortgage there is obviously an advantage to making the monthly payments rather than abolishing them. Of course you have to be willing to make the payments and have the ability to carry the debt load.
