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Reply to "Pay off mortgage vs pay for renovation "
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[quote=Anonymous][quote=Anonymous]How is this even a question? You are talking about paying off a loan at 2.8 percent to take on a HELOC at, what, 6 percent? Isn’t the answer obvious to anyone not innumerate?[/quote] HELOC's are twice that much. The fed funds rate is over 5%. To pile on - regardless of whether you do a renovation do NOT pay off that mortgage. Savings earn more than your mortgage interest rate. Until that inverts there is no reason to pay it off early.[/quote]
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