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| wallace6 |
 Posted: Fri Mar 25, 2005 1:47 pm Post subject: Pay off your mortgage early |
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Investing Sr. Associate
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| If you have a mortgage try to add a little extra to the principle each month or make an extra payment a year. The sooner you have that large debt paid off the sooner you can seriously consider retirement. |
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| tylr |
| Posted: Sat Mar 26, 2005 10:52 am Post subject: |
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Investing Associate
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| Generally a good idea but also need to consider overall asset allocation plan since your home is only one portion of your investment portfolio. It also depends on how long you plan to stay in the home and the appreciation rate of the area. For instance, Texas RE for the most parts has been on a stagnant or loosing streak for nearly 20 years. |
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| Colli |
| Posted: Tue Nov 20, 2007 4:53 pm Post subject: |
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Investing Sr. Associate
Joined: 18 Nov 2007
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| Whether Texax has been on a winning streak or a losing streak shouldn't matter. You are liable for the whole mortgage you signed-up for and getting out from under the monthly mortgage payment is what you should do. |
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| Staggs |
| Posted: Tue Mar 04, 2008 6:53 am Post subject: |
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Investing Sr. Associate
Joined: 19 Jun 2007
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| Colli wrote: | | Whether Texax has been on a winning streak or a losing streak shouldn't matter. You are liable for the whole mortgage you signed-up for and getting out from under the monthly mortgage payment is what you should do. |
It's always nice to meet someone with the same philosophy on debt. There sure isn't many of us around anymore.
These are a couple of quotes that I like.
“Think what you do when you run in debt; you give to another power over your liberty.” (Benjamin Franklin.)
He looks the whole world in the face for he owes not any man. ~Henry Wadsworth Longfellow |
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| Do5 |
| Posted: Fri May 16, 2008 10:13 am Post subject: |
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Investing Sr. Associate
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| prs1065 |
| Posted: Fri May 16, 2008 11:04 am Post subject: |
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Investing Manager
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| frusnak |
| Posted: Sat May 17, 2008 4:26 am Post subject: |
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CFO
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In these times in the housing market if you bought recently(past 2-3years) I wouldn't want to pay off my mortgage because if you sold you'd lose big time. If you purchased at a low point it would make sense to pay it off!  |
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| akshaytalwar |
| Posted: Sun May 18, 2008 1:41 am Post subject: |
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| Paying off your mortgage early is one of the best investments you can make. Borrowing heavily makes sense in a world of high inflation, which we saw in the Seventies and Eighties, because inflation reduces the value of the debt. |
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| spencer |
| Posted: Fri May 23, 2008 3:02 am Post subject: Re: Pay off your mortgage early |
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| wallace6 wrote: | | If you have a mortgage try to add a little extra to the principle each month or make an extra payment a year. The sooner you have that large debt paid off the sooner you can seriously consider retirement. |
Even if your home is paid off, this doesn't mean you can retire. |
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| efflandt |
| Posted: Fri May 23, 2008 3:53 pm Post subject: |
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Investing Manager
Joined: 01 Oct 2005
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Your retirement expenses are certainly less if you have no house payments. My brother retired at the age of 32 (over 20 years ago). He bought our family home when our dad was transferred while I was in college, so it was not much money and paid off long ago
But you have to weigh what you could make compound investing that money (if you have the skill) vs. interest after tax deduction for the loan. There are stocks available that pay more dividends than my mortgage interest (not even factoring in that my loan interest is tax deductable, and tax free dividends/gains in a Roth IRA).
Although, things change. At one time I thought I could make more investing in my lender paying about 4.5% dividend and stock price gaining 4.5% annually. Glad I got out of that at the right time. I sold it around 40 and it is now hovering around 10-12 with greatly reduced dividend. But I have some other stock that has signficantly gained and currently pays over 9% dividend. |
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| frusnak |
| Posted: Sat May 24, 2008 1:15 am Post subject: Re: Pay off your mortgage early |
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CFO
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| spencer wrote: | | wallace6 wrote: | | If you have a mortgage try to add a little extra to the principle each month or make an extra payment a year. The sooner you have that large debt paid off the sooner you can seriously consider retirement. |
Even if your home is paid off, this doesn't mean you can retire. |
Great point! You still have real estate taxes, insurance, association fees if you have an association, health insurance, home repairs; did I miss anything?  |
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| txga |
| Posted: Sat May 24, 2008 8:39 am Post subject: |
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| johns1 |
| Posted: Tue Sep 02, 2008 8:47 am Post subject: |
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Investing Associate
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| I don't own a house, and I'm not sure that I want to buy one at the current prices. |
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