I worked for one of Canada’s Chartered Banks for seven years and not once did I hand a client their mortgage discharge papers. That may not seem significant but I’ve heard stories from those in our parents’ generation who worked hard to pay off their mortgages as soon as possible, in 15, 10 or even 5 years.

I hear from friends who live outside of the Lower Mainland that they are mortgage free. Sometimes the little sarcastic voice in my head mutters….’and we pay not only a house mortgage but almost the equivalent of another mortgage in child care!’.  It’s easy to slip into the mindset that living in Lotus Land comes at the price of a forever mortgage but I think it is possible for Vancouverites to be mortgage-free too. Herein lies the opportunity…repay your mortgage more quickly once other financial obligations have ebbed (i.e. child care) or as household income stabilizes or increases.

Just imagine how much more money you would have each month if you didn’t have to pay a mortgage payment! Herein lies the motive….

No more mortgage payment = no more interest paid out of your pay cheque. Once that mortgage is gone, there is money for savings, travel and work flexibility. The positive impact on your monthly cash flow is great! Not only is it good for your bank account, it’s good for you psyche – less debt = more choices.