We have been thinking more and more about putting more effort into paying down the mortgage on our primary home.
First if we pay off our mortgage we will have killed our biggest and last remaining personal debt (mortgages on our investment properties are business debt). Second, if we pay off our mortgage we will have flexibility regarding hazard and wind storm insurance which are extra expensive here in South Florida. Third, paying off our mortgage gives us a known return vs. an unknown return in our investments which with the market being so sporadic has certain advantages.
I am not planning to abandon our current 2010 spending and savings plan, but just thinking more about how we can put extra money, beyond our savings plan, towards our mortgage principal. I am also thinking more about our 2011 savings plan and other options for paying down our mortgage at a faster rate (extra payments, bi-weekly payments, mortgage debt snowball). I have also been looking at accelerator loans after hearing about them recently on NPR, but I really am not a fan of taking on a loan to pay off a loan.
How about you, have you paid off your mortgage at a faster rate? If so, how have you accomplished this task?