cute fuzzy bunny
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
The three primary reasons why you do or dont have a mortgage, and thank you very much for your participation. Your free hat is in the mail!
If we have a big downturn, I wont have to pay a big mortgage bill every month
LOL! said:What's with that? If we have a big downturn, how are you going to pay your property taxes? I'm gonna use the money I did not use to pay off my mortgage to make my monthly payment and to pay the property taxes
How many readers have a sub-5% fixed interest rate mortgage? You aren't paying extra on it are you?
brewer12345 said:You left one out: I have a mortgage because I otherwise did not have the money to buy a house.
Yipee-Ki-O said:I don't have a mortgage but the reason why isn't among your list. I don't like to owe money. So I don't care whether or not it makes more sense financially to carry a mortgage on a house because I feel better being debt-free.
yko
Sheryl said:I think the payoff decision is quite different for people with higher amounts, or higher rates.
(Cute Fuzzy Bunny) said:Thanks Sheryl - i'm trying to stay out of the payoff quagmire, just trying to find reasons why someone does or doesnt have it for profiling purposes.
Sheryl said:...
If I had a 5.5 rate or higher I think I'd pay it off.
...
LOL! said:If prevailing CD rates were 6% would you still think that?
You got to plan ahead.
kumquat said:I'm probably a minority here but being Canadian there are no tax advantages to having a mortgage... make that few. We can't deduct mortgage interest unless we borrow to invest. I seem to have enough investments relative to the value of our house that the risk of rising rates, falling RE values aren't wort it.
Besides, I like being debt free!