Where are you on your housing journey?

Approval tells you what a lender will give you. Readiness is different. You're ready when you have 3-6 months' expenses saved beyond your down payment and closing costs, your job/income is stable, you're planning to stay in the area 5+ years, and the monthly payment (including property tax, insurance, HOA, and maintenance buffer) leaves room for your life—not just your survival. Lenders approve based on ratios. You should buy based on cash flow reality. The payment that maximizes your approval often minimizes your flexibility.

No. Rate matters, but so do total closing costs, lender reliability (can they close on time?), loan structure (30-year vs. 15-year vs. ARM), prepayment flexibility, and whether you're buying points. A lender offering 6.5% with $3,000 in costs might beat 6.375% with $8,000 in costs if you're not staying in the loan long enough to recover the difference. The best choice aligns rate, cost, and your actual time horizon—not just the APR on a disclosure form.

This is the central allocation question of your peak earning years. The math: compare your mortgage rate against expected returns elsewhere. If your rate is 3.5% and you're not maxing out retirement accounts (likely earning 7–10% long-term), fund retirement first. If you're carrying credit card debt (18%+), kill that before extra mortgage payments. If you're in the 4.5-6% range with no higher-priority uses, accelerating the mortgage builds guaranteed equity and reduces interest. The emotional factor: Some people sleep better with a smaller mortgage balance. That's legitimate—just make sure it's not costing you higher-return opportunities or liquidity you'll need for aging parents or kids' needs.

No—despite what conventional wisdom says. The better question: what serves your total retirement security? If paying it off requires liquidating investments during a down market or depleting liquid reserves below 2–3 years of expenses, keep the mortgage. If your rate is below 4% and you have adequate income from Social Security, pensions, and portfolio withdrawals to cover it comfortably, the mortgage may be your cheapest leverage. The case for paying it off: psychological peace, reduced fixed expenses, and simplification. The case against: preserving capital flexibility, maintaining liquidity for healthcare or long-term care, and keeping investment assets working. The question is personal risk tolerance, not universal math.