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re: Best way to payoff mortgage early?
Posted on 2/10/17 at 10:20 am to Hudson00
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
1
Posted on 2/10/17 at 10:42 am to ItNeverRains
My personal opinion is to never pay off extra principal to the bank, but to stash the extra money into a savings account on your own. Once you give it to the bank, its gone. You have to loan it to get it back. Automatically move some into a savings account every month, then if you get to a point you want to drop a large chunk or you saved enough to pay the house off, do it.
The "investing" and "maximizing' of your returns is IMO not worth considering with your home mortgage. Work on paying it off, and not worry about the small time money you'd save on your taxes or on investing it elsewhere. I just don't think its worth paying the bank anything extra until you can pay the loan off.
The "investing" and "maximizing' of your returns is IMO not worth considering with your home mortgage. Work on paying it off, and not worry about the small time money you'd save on your taxes or on investing it elsewhere. I just don't think its worth paying the bank anything extra until you can pay the loan off.
This post was edited on 2/10/17 at 10:43 am
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