I recently got into a discussion with a friend about carrying a mortgage. I recently sold my house and I'm now renting for a little while.
Ideally I want to buy a house in cash with no mortgage. Or buy a house and pay off the mortgage quickly so that I don't have to drag around a 15 or 30 year mortgage on my shoulders. I will buy a small home our townhouse in the near future. And, if all I have to pay for is insurance and taxes, what a relief. No debt and a home. What could be better?
My friend argues that the tax write-off is worth keeping the mortgage. My accountant says that pouring all my money into the house when the money could be getting a better gain in the stock market simply doesn't make sense.
I'd really like to hear your opinion on the matter in addition to the poll I just posted.
Is it simply a personal preference?
Do you have a goal to pay off your mortgage?