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re: The reoccuring question.. should I pay off my mortgage?
Posted on 9/17/12 at 12:41 pm to LSUStjames
Posted on 9/17/12 at 12:41 pm to LSUStjames
No, I would not pay off my mortgage, but I don't know your current financial circumstances.
Google Ben Bernanke Refinance and see the report about how he, at 58, just refied to another 30 yr mtg. HE, being the lead banker, must know something that most people do not understand.
I would keep the big inheritance in a growth account and let it make the mortgage payment for me, while maintaining a deduction, and refi my current mortgage to the longest term I can, with the lowest monthly P & I payment.
Remember: Big dollars that compound create big dollars of gain. Small dollars that compound create small dollars of gain.
Google Ben Bernanke Refinance and see the report about how he, at 58, just refied to another 30 yr mtg. HE, being the lead banker, must know something that most people do not understand.
I would keep the big inheritance in a growth account and let it make the mortgage payment for me, while maintaining a deduction, and refi my current mortgage to the longest term I can, with the lowest monthly P & I payment.
Remember: Big dollars that compound create big dollars of gain. Small dollars that compound create small dollars of gain.
1
Posted on 9/17/12 at 2:07 pm to BestBanker
quote:
HE, being the lead banker, must know something that most people do not understand.
I think that "something" is the likelihood that people taking out fixed rate mortgages today will be seen as having gotten free money once inflation goes up to +5% in a few years.
If my mortgage were in the mid 4% range I probably wouldn't pay it off personally. It's cheap and like yellowfin said, you get the tax deduction for interest. But i also see the utility in paying it off.
I think this is a personal preference call.
This post was edited on 9/17/12 at 2:09 pm
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