I hustled to pay off my mortgage years before I had to, because there's something even more important than the math

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Sure, paying off your mortgage early saves you money in the long run — but that's not the point

Courtesy of Anna BaluchThey were able to find the right place for $190,000, at a 4% interest rate. They decided they wanted to pay if off right away, even though they aren't sure whether it's their forever home.

While our search for the perfect house was fun, it was also frustrating because we were very particular about what we wanted: an updated house with some land in the city with the best school district in the area. Our house is a 1,900-square-foot, 3-bedroom, 2-bathroom raised ranch on 1.2 acres, located in a suburb between Cleveland and Akron, Ohio. It came with a remodeled kitchen and bathrooms, fresh paint, two fireplaces, a screened-in porch, and a deck. It is by no means perfect and did require some work, but we are thrilled to have found it. We were able to lock it in with 20% down at a 4% rate for $190,000 and closed in April of 2017.

Was it easy? No. We worked like crazy, and there were many times where wanted to quit. Fortunately, we never gave up because we always saw the light at the end of the tunnel: our freedom.

 

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Mortgage paid off early to cut ties with some of the worlds most toxic banks. You were wise.

Should it be mentioned that paying off your mortgage this quickly can drop your credit score significantly? And the money used to pay off the mortgage could be put into investments to earn more than 4% earnings? A mortgage is a leveraged loan. 🤔🤔🤔

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