Should I prioritize paying off mortgage given the low interest?

[Aqil Raharjo]

Hello everyone,

Glad I stumbled upon the BiggerPockets community to level up my plan for financial freedom. I'm looking for those who have more experience to give your two-cents on what to keep in mind given my situation below:

Due to COVID I was able to afford a 1 bedroom condo in Toronto last December on conventional mortgage to be safe for now - Rate was pretty awesome since interest was incredibly low (1.85% fixed 5-year term 30 years amortization period). Currently I live in this unit - it's my only home.

That being said, my mental model right now is Index ETFs as my 'savings account', hence why I put more money in ETFs than my regular savings account. I may want to use my ETFs for education and/or another property purchase. I have a bit of individual stocks and crypto but not putting as much given the high risk and lack of knowledge I have right now.

• Q1: My new goal is to get my first rental property, five years from now (I feel the need to gauge the situation in the real estate market post COVID). I hope to purchase my first rental property by refinancing my mortgage after the 5-year term ends and leveraging home equity, savings, perhaps some ETF investments. What are potentially the pros and cons with this plan?
• Q2: In the meantime, I need to figure out where I should put my money towards. Given the incredibly low interest now, would it make sense to prioritize paying as much mortgage amount as I could in 5-years time? Assuming it’ll increase the equity I can have by the time I refinance my mortgage when the term ends, as opposed to setting the money aside to savings/ETFs. Thoughts on this?
• Q3: Any resources that'll better equip me for this goal of mine, whether it's about financial planning and budgeting, DIY home improvement and upkeep, I'd really appreciate it! Books, podcasts, courses, anything - send it my way!

Thanks everyone, I look forward to having this conversation!

Aqil