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Money and Finances
Reply to "Paying off the morgatge, good or bad idea?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]It's about rate of return - if your mortgage is at 3%, but you can earn higher elsewhere, don't pay it off. Given equities have performed well over that I wouldn't.[/quote] +1 Another reason is liquidity. The cash you pulled out of your mortgage (and invested at a higher rate, perhaps) is liquid. You have it. If you are older, perhaps with a lower income and retired, you won't meet the income requirements for a new mortgage should you need the cash for an emergency. [/quote] This is one of the things that makes me hesitate. If you’re in a moderately expensive house in a hot real estate market, it’s less of a concern. But if you have a more expensive house that could take some time to sell, I’m not sure I’d want a large percentage of my net worth tied up.[/quote]
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