One of the biggest debates among financial professionals is whether you should pay off your mortgage early. There are pros and cons and the answer will depend on your risk tolerance and alternative investing options.
Arguments for Early Payoff
The biggest argument for paying off your mortgage early is that doing so allows you to actually own the place where you live. There is a great freedom associated with owning your home yourself and not owing the bank. It can protect you if you hit a financial rough patch, since you wont have to worry about losing your home.