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Old 05-20-2013, 10:42 AM   #21
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It occurs to me that those thinking about pulling home equity (OP and daylatedollarshort) are examples for the eternal mortgage prepayment debate of cases where it would have been preferred to invest surplus cash rather than pay down the mortgage faster.
I think for my household if you throw in qualifying for health care subsidies and putting the money into retirement accounts, the numbers really favor keeping a mortgage. But maybe for others that wouldn't be the best choice.

I don't personally care whether I have a mortgage or not. I just care about maximizing my net worth and minimizing my taxes and health care costs.
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Old 05-20-2013, 12:38 PM   #22
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Could you just get a HELOC in case you needed the money?

I got one with the intention of buying land when I find the right property. It's been 15 years.
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Old 05-20-2013, 01:29 PM   #23
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Could you just get a HELOC in case you needed the money?
That would likely come with a higher (and variable) interest rate. Plus, the line of credit could be slashed or terminated by the lender at any time; we saw a lot of that circa 2009.
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Old 05-20-2013, 01:37 PM   #24
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That would likely come with a higher (and variable) interest rate. Plus, the line of credit could be slashed or terminated by the lender at any time; we saw a lot of that circa 2009.
True, but if you have good credit and a smaller loan, they likely wouldn't cancel it.

I had $100k line on a $225k house and they didn't cancel. In fact, I reupped for another 10 years.

What closing costs are on the loan anyway?
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