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re: The reoccuring question.. should I pay off my mortgage?
Posted on 9/18/12 at 7:55 am to 756
Posted on 9/18/12 at 7:55 am to 756
quote:
you never know what tomorrow holds
No intent to insult follows:
If your statement ( and others say the same) is true, then why wouuld you put money into the mortgage payoff versus keeping a large, safe stash somewhere?
Rational thought demands an understanding that if the "tomorrow" you refer to, arrives, and you have no mortgage but have no loose money, what good is the house? You can't eat it. You can't take it with you when you must move to another location to survive the effects of the "tomorrow".
Emotion should play little role in financial desicion-making.
1
Posted on 9/18/12 at 8:25 am to BestBanker
quote:
what good is the house?
quote:
why wouuld you put money into the mortgage payoff versus keeping a large, safe stash somewhere?
The house would be paid for. Which would free up any money to be used elsewhere. I would much rather have a paid off mortgage than a fat stack of cash.
Pay off the home and then build the stash back up, all while not having a mortgage payment. You'd be surprised at how fast you can save/invest when you don't have monthly payments. I've done exactly that and the feeling of completely owning my home is one that cannot be replaced.
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