With today's low interest rates, does it make sense to build equity fast or try to pay off a mortgage?Is it better to sign for a longer term and then pay additional principal each month? What is the best strategy for building a secure future?
Burning the Mortgage -- An Outdated Goal?
There was a time, not so terribly long ago, when the goal of every homeowner was to have a "burn the mortgage" celebration. But that was when buying a home seemed more like an end goal than home ownership is today. That was also during a time when having the security of a home for old age and future generations was simply "what was done."
Today, owning a home "free and clear," is almost a negative, because it requires cash reserves for taxes and insurance, even…