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Old 05-31-2012, 09:37 AM   #21
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Join Date: Oct 2005
Location: Texas
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Getting rid of a 6.5% mortgage in the era of the Fed's long-term War on Savers and pathetic yields on capital is definitely the right thing to do. Some might argue whether it was better to pay it off or to refinance (not that the "pay off debt or invest" question ever comes up here), but I don't think folks in either "camp" would suggest you should have kept that loan when you had the ability to get rid of it one way or another. Tax consequences aside, where else would you achieve the equivalent of a safe 6.5% return with your money? I don't see anywhere.

"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)
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Old 05-31-2012, 10:03 AM   #22
Join Date: Oct 2007
Posts: 4,929
Originally Posted by ziggy29
in the era of the Fed's long-term War on Savers
I always get a chuckle out of that phrase. Mostly because I remember just how good things were for savers back when 10 year Treasuries were yielding 10% or better...

Given the fiddling small differential between savings rates and mortgage rates, I'd go with whatever path gives me the most peace of mind. No mortgage here...

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