Actually Adrienne is off on this one... You see your mortgage is a major part of your credit score... it effects your score both for the good and/or the bad depending on what you do. If you miss payments it hurts you more than missing a credit card. If you have the mortgage your score will be higher then without. A homeowner is less risky than a renter and that is the only way the credit companies know you are an owner is if you have a mortgage... I can not tell you how much it will impact as it will depend on how long you have had credit, how many other trade lines you have, etc...

With that said, paying off your mortgage is a great thing. Congratulations!

That's possible. REducing your debt to cash ratio can only help.