I was reading Asch's Conformity Experiment (hat tip Yves Smith at Naked 
Capitalism) and realized a new perspective on why people still flock to pay off their mortgage, rather than learn the rules of money applicable today and seek new strategies. The simple answer is "everyone else does it, so why should I be different".
I suggest you go read the article to fully understand what I am talking about, but I will summarize my thoughts here.
Asch's Conformity Experiment proved that people do not follow logic and reason when in groups. So, when several people say an incorrect answer, even when the answer is obvious, others will answer incorrectly even when they know the correct answer to be correct.
Apply that to today's mortgage shopper. The media, government, neighbors, family, you name it, all say get a 30 year fixed (or even a 15 year fixed) and stay away from ARMs, Interest Only, and especially Option ARMs. You will also see masses (usually agents) pushing Money Merge Accounts and other mortgage acceleration programs since the "group logic" is that it is the fastest way to get out of debt, including your mortgage and is the best thing for you.
But why listen to them? Do they know your specific situation? Are they the real experts? Can they analyze your situation, look at ALL strategies and truly determine what is in your best interests based on your overall financial goals and dreams?
Think about that for a while. Are you falling prey to "group logic" even though the real answer is something else? Well, in mortgages, as well as most other financial decisions, it will cost you dearly if you choose incorrectly. The time value of money will work against you if you make the wrong decision, whereas it will work for you when you choose wisely.
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