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Reply to "What share of your NW is your house?"
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[quote=Anonymous][quote=Anonymous]I'm sure this will get me yelled at, but honest question... Why are so many folks here seemingly proud of having no debt/mortgage on a house? Given that we were in an extended low-interest period, we all had options to lock-in low-cost mortgages. For example, our principle residence has a value around 3mm. We have a mortgage of around 1.6mm, at 2.75%. While we have plenty of assets to forego the mortgage, we have had that money at work in the market instead. We've done way, way better post-tax than the 2.75% we're paying to the bank. If anything, I wish we had levered up a bit. We have multiple other properties, and each has a loan roughly at 50% LTV. Sure, there is a bit of risk here--the market could tumble. But over the next 20+ years, I think it a rather safe bet that we'll do better than 2.75% with our investments, even recognizing there will be multiple market cycles in there. If anything, I'm kicking myself for not going to higher LTVs on our real estate portfolio while rates were low. [/quote] Because I’m old and haven’t moved. [/quote]
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