It worked out for me, but it was a unique circumstance where maximizing my principal payments was paramount for a finite repayment plan to pay the house off before the ARM kicked in. I would only recommend it for paying off the mortgage within a set window before the rate can vary. After years of paying off my last divorce, all I have wanted to do is pay off all my debt and be completely in the black. My intention was to save like crazy for the last 10-15 years of my working career. If i can swing it, I want to retire in 10 years well before I hit 60. Sell my urban home and buy 50-60 acres in the foothills of the mountains and spend the rest of my life fully self sufficient. Right now, I have no remaining revolving debt. If I can't save up to buy something, I'm not buying it.
It worked out for me, but it was a unique circumstance where maximizing my principal payments was paramount for a finite repayment plan to pay the house off before the ARM kicked in. I would only recommend it for paying off the mortgage within a set window before the rate can vary. After years of paying off my last divorce, all I have wanted to do is pay off all my debt and be completely in the black. My intention was to save like crazy for the last 10-15 years of my working career. If i can swing it, I want to retire in 10 years well before I hit 60. Sell my urban home and buy 50-60 acres in the foothills of the mountains and spend the rest of my life fully self sufficient. Right now, I have no remaining revolving debt. If I can't save up to buy something, I'm not buying it.