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Refinance or pay off mortgage?
Old 01-21-2009, 07:22 PM   #1
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Refinance or pay off mortgage?

I currently have a $260,000 mortgage at 6.75%. I was thinking about refinancing at 4.875%. But then again, I have sold some mutual funds lately and thought maybe I could use that money to just pay off the mortgage. By the way, I FIRE'd 4 years ago at 50. What would you do?

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Old 01-21-2009, 07:38 PM   #2
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Originally Posted by RetiredWW View Post
What would you do?
Toss a coin....

Numbers is hard.

Retired in 2005 at age 58, no pension

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Old 01-21-2009, 07:52 PM   #3
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Welcome to the board, WW.
Originally Posted by RetiredWW View Post
What would you do?
First I'd read the dozen or so representative threads which have already beaten this topic to death in a number of innovative ways:

And then for the absolute latest on interest rates, I'd do a search for threads using the keyword "mortgage" within the last month or two.

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Old 01-21-2009, 09:12 PM   #4
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For me (with a 4.5% fixed and anticipating ER) the question is whether to:

Refinance Sell or pay off the mortgage

We were planning to sell & downsize with our home equity this year - but in the current real estate market, or should I say lack of a market (and the resultant loss of equity) ..... - I'm not so sure? We had approx 3/4 equity in our home - looks like might be 2/3 now.

(We had planned to relocate 180 miles away upon ER also.)
Retired 2009!
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