Kevin O’Leary’s Best Mortgage Advice

The number one advice on debt is this. Don’t get any. In other words don’t spend
more than you have. Now, if you end up with debt, particularly in a mortgage,
these days, and this is the tax law changing, you can’t write off as much as
you used to. So the number one debt you want to get rid of is pay off your
mortgage. Think about getting mortgages don’t have
huge penalties to pay them off. Very often you can get them that after a year
you can start paying off the principal on an accelerated basis. There’s nothing
better in life particularly, if you’re starting out and you’ve just had your
first child with your significant other, you want to pay off that mortgage. You
want to get rid of that so you can start saving money and investing in your
future. The mortgage is most people’s biggest debt after their education.
Because student debt is a big problem too. Those are the two big ones. You want
to pay off that student loan and you don’t want to get stuck in a too big a
mortgage because you have to pay that one off too. Pay those off as fast as you
can and your savings will start.

12 thoughts on “Kevin O’Leary’s Best Mortgage Advice

  • "Pay off your mortgage"… why? The average best execution rate for a 30 yr is well below the average S&P return… ????

  • Why pay off your mortgage? You put your 20% down, so now you got equity and more and more equity as time goes on. So you pay it off monthly slowly but surely, I hope you have other monies to invest. Then use your other monies to invest in an Index Fund which averages 8% long term, while you are paying 4% on your current mortgage, so not only you get a tax deduction (we hope), you get an extra 4% on your investment long term with beautiful compounded interest, the equity of the house is growing and you continue to hopefully get raises and a higher position making more money.
    I say, don't pay off the mortgage, let your money work for you, keep working, keep investing, do ROTH IRA's, 401K's in 20 years you will thank me.

  • Biggest Scam in AMERICA The Banks are triple doubling on your loan and sticking to the people
    Wake Up Merica Smell the Coffee

  • Minimum wage will be over $150 hr in 2030. See you then with your worthless paper!

    No way I pay off my mortgage now with inflation the way it is.

    Give me a stable currency like we used to have, and I will stop shorting the dollar.

  • The simple rule of thumb is don't buy a house if you can't put 80% of your own money as a down payment. Only take 20% as a mortgage. Of course, if you can pay 100% right off the bat, then that's ideal.

  • Some people who work for Kevin recently came to my town to host a seminar about real estate. Kevin was in the ads and his face was on all the posters. I went mainly because tickets were free, and for an hour I listened to the host pitch a textbook pyramid scheme, and to get involved you had to have $1000 in your pocket that day. I have little respect left for Kevin (if I had any at all) after learning of his shameless ties with that "company."

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