Should I refinance or pay off my primary residence?

[Jesse Holshouser]

I have a general financial/psychology question. A bit of back ground, I have owned 3 homes and a couple of rental properties. I currently only own my primary residence. It is a 6 acre farm with a brick ranch. We have been living in an RV while we rehab the house. I paid 210k for the property and have put roughly 150k into it. When it's all said and done, based on recent similar property sales, including a neighbor with the same size house and 6 acres, I expect the property to be worth 425-450k. I owe just under 150k on the property.

My question is, do I refinance and pull my equity out to invest or do I pay the property off and enjoy the freedom and peace of mind of not having the mortgage? I understand mathematically, it probably makes more sense to refinance and invest. But psychologically, I'm drawn to paying it off, especially with my first child on the way. I could also still establish a HELOC and use that to finance rehabs if I decide to flip in the near future. Just looking for general thoughts/philosophies of other investors. Thanks!