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re: Would you carry a mortgage if you didn't have to?
Posted on 6/5/18 at 12:11 pm to OceanMan
Posted on 6/5/18 at 12:11 pm to OceanMan
quote:
You will get some guys in here saying that “peace of mind” is not something taught it finance classes but they are wrong. It’s built into risk tolerance, which is never a given in the real world.
The min/maxxers inexplicably value housing at $0, too. Mind boggling. I'm all for making a buck off "the man" - but to pretend that eliminating housing costs (which is what happens when you retire your mortgage)is somehow worth $0 per month is just batty, IMHO.
2
Posted on 6/5/18 at 1:09 pm to Ace Midnight
I like HELOC.
You only pay interest on what you need at that moment (great for new construction).
As you pay it down, you have a great resource to dip into if needed (i.e. you won't ever have to ask about taking funds from a roth).
In order to take advantage of a down market, you need funds not in the market to do the buying. That is where the HELOC is golden. Imagine having $150,000 back in 2008 to invest after the crash. HELOC
You only pay interest on what you need at that moment (great for new construction).
As you pay it down, you have a great resource to dip into if needed (i.e. you won't ever have to ask about taking funds from a roth).
In order to take advantage of a down market, you need funds not in the market to do the buying. That is where the HELOC is golden. Imagine having $150,000 back in 2008 to invest after the crash. HELOC
Posted on 6/5/18 at 3:52 pm to Ace Midnight
quote:
The min/maxxers inexplicably value housing at $0, too.
Yeah that is a fair point. It’s not like paying off your house is worth nothing and is a worthless asset
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