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re: Never pay off your house?
Posted on 3/10/09 at 11:48 am to LSU Fan 90812
Posted on 3/10/09 at 11:48 am to LSU Fan 90812
the logic is, your house is not really an asset (and it's certainly not appreciating these days), so you shouldn't dump money into it if you don't have to. If you take that to its logical conclusion, it means that you shouldn't pay down your house AT ALL if you don't have to.
3
Posted on 3/10/09 at 11:53 am to Colonel Hapablap
quote:I seem to remember a minor dustup a couple years ago when doing this sort of thing got some people in trouble...
If you take that to its logical conclusion, it means that you shouldn't pay down your house AT ALL if you don't have to.
Actually I've heard this theory before. Alhough I understand what he's saying, it's a little too risky for my blood. Putty makes a great point about getting Katrina'd though. I guess this could make sense assuming you're able to continually refi at lower and lower interest rates. But assuming "interest rates will always go down" makes as much sense as assuming "property values will always go up."
Posted on 3/10/09 at 11:56 am to Colonel Hapablap
I have mine paid off. The wife received "psychic" value of the comfort of having it paid off. I pay no Interest payments.
I do have a HELOC setup (with zero balance) as an emergency hedge.
I would have paid the mortgage on schedule, but my wife wanted to pre-pay. I am glad we did, though I am not a fanatic for either side of the coin.
I do have a HELOC setup (with zero balance) as an emergency hedge.
I would have paid the mortgage on schedule, but my wife wanted to pre-pay. I am glad we did, though I am not a fanatic for either side of the coin.
Posted on 3/10/09 at 1:40 pm to Colonel Hapablap
quote:
the logic is, your house is not really an asset
There's really no logic in that, though.
Just because an asset is not currently appreciating, does not make it NOT an asset.
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