Hi there
I have a mortgage on my primary residence and have a small amount in there owing.
I can pay it off now but I have equity in there.
Should I pay the loan off and save the %1500 a month?
If I do that,I wont have access to the equity but I can get a loan on it if I buy an investment house etc?
Personally,I don't think that I will need the money as I have not needed it for the last few years.
Any advice for me ?
Pay off Mortgage or Keep It?
grabngo on 03/12/2016 - 09:09
Comments
Pay off your mortgage. My wife and I paid ours off years ago, and our lives changed. I cant explain how in words but, not having a debt hanging over our heads just changed everything. We also got rid of our credit cards, at the same time. Put the money in the bank, that you used to pay to the bank. Life changer.
Contemplating the same thing. Just sold investment property and now have enough in the bank to pay off the home loan. Not sure whether to keep the mortgage open with cash in an offset for 'just in case' or pay it off completely and just build up some savings.
I think I've heard people paying most of it off but leaving just enough to keep it open?