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re: The reoccuring question.. should I pay off my mortgage?
Posted on 9/18/12 at 11:07 am to Brian Wilson
Posted on 9/18/12 at 11:07 am to Brian Wilson
quote:
I would much rather have a paid off mortgage than a fat stack of cash.
OK.
Having your house note paid creates a sense of security for you.
I enjoy having the security of the cash in hand while living in the house I have mortgaged.
quote:
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.
OK.
Again, it is your need of a secure feeling that strengthens you, and that is OK.
I prefer to keep a note on my real estate purchases while saving and investing. Opportunity cost calculations indicate that my decision is always in my best monetary interests. I maintain a low mortgage payment that frees up all that would be paid toward the mortgage payment, to go into savings, while maintaining a semblence of tax-deduction on interest paid.
Posted on 9/18/12 at 1:55 pm to BestBanker
quote:
I maintain a low mortgage payment that frees up all that would be paid toward the mortgage payment, to go into savings, while maintaining a semblence of tax-deduction on interest paid.
Sorry dude, maintaining a mortgage just for the tax deduction is pointless. You can put that money elsewhere and earn more in interest than you are going to save on taxes.
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