Thinking about paying off the mortgage on my primary residence for the peace of mind and to get a better ROI on the idle cash (mortgage rate vs. CDs).
Anyway, I'm specifically wondering if there are any drawbacks such as it being harder to get another loan in the future for say another house, car etc?
Also, from a legal point of view I understand it's safer for the money to be tied up in the primary residence because in most states primary houses are off-limits in a lawsuit etc. However, perhaps if you get say a flood damage the bank may have more leverage to ask the insurance company to pay vs. if you ask the insurance company?
Just making sure I'm not shooting myself in the foot by paying off early
Anyway, I'm specifically wondering if there are any drawbacks such as it being harder to get another loan in the future for say another house, car etc?
Also, from a legal point of view I understand it's safer for the money to be tied up in the primary residence because in most states primary houses are off-limits in a lawsuit etc. However, perhaps if you get say a flood damage the bank may have more leverage to ask the insurance company to pay vs. if you ask the insurance company?
Just making sure I'm not shooting myself in the foot by paying off early