Not everyone agrees with the philosophy of investing first before paying off your mortgage. I don’t have a problem with that. Not because the advice was wrong, but because there is no silver bullet answer when it comes to prioritizing where to put your money. Each person or family must consider their own goals and priorities, while determining what their current and future prospects look like along with the diversity of their current saving’s portfolio.
Apparently, about a sixth of mortgage-holders in Canada prioritize paying off this debt first. According to the Mortgage Professionals Canada’s annual report, about 100,000 Canadian homeowners fully repaid their mortgages by September 30, 2015. A further 40,000 home owners were expected to fully repay their mortgage before year end—for a total of 140,000 repaid mortgages this year.
For help in paying down your mortgage faster, consider MoneySense senior editor David Hodges’ advice: