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re: Best way to payoff mortgage early?
Posted on 2/10/17 at 9:49 am to Croacka
Posted on 2/10/17 at 9:49 am to Croacka
quote:
I get what you're saying, but in 6-10 years you'd have a nice interest earning nestegg and you'd have to cash that out and start over. If your money at the time is earning more than 3% annually, id continue to let it grow since it's making more than you stand to gain by eliminating the mortgage interest.
Maybe he should borrow an additional $250,000 on his mortgage and invest it?? to get them returns
1
Posted on 2/10/17 at 10:20 am to Hudson00
quote:
Maybe he should borrow an additional $250,000 on his mortgage and invest it?? to get them returns
Refi's are expensive products. that amount (if he has in equity) will be expensive load on front end. Could do HELOC, but that money would likely be at prime +2. With prime rate set to raise 1-3 times this year that money may cost him almost 6% by years end and be max of 10 years before fully repaid so he'd be penalized paying off by pulling money out early if not eligible by age.
Yes I know you were being a smart arse but you need to know why your logic isn't apples to apples.
This post was edited on 2/10/17 at 10:22 am
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