It's been 1994 since we have paid interest on anything. We've lived well below our means and we are both 60 and sincerely considering retirement and a move.
I'm comfortable that we have enough savings to last us, but I'm wondering, with us planning to move in to a new or newer home, in the not too distant future, whether there is logic in getting a mortgage at these incredibly low interest rates. Maybe in the 3.5% range. When I paid off our house, our mortgage was 6% and felt that was a reasonable investment back then.
Interest rates on CD's, bonds and mortgages are likely to go up, maybe not rapidly, but I would think in 5-7 years, we could see them go up a couple %. I'd take maybe $300,000, out of the sale of my current home and invest it.
So, I am conservative, but somehow, in the back of my mind, getting a mortgage might be a no-brainer? What am I missing or what do y'all think? Right now, we have no other tax deductions. Any help is appreciated!
I'm comfortable that we have enough savings to last us, but I'm wondering, with us planning to move in to a new or newer home, in the not too distant future, whether there is logic in getting a mortgage at these incredibly low interest rates. Maybe in the 3.5% range. When I paid off our house, our mortgage was 6% and felt that was a reasonable investment back then.
Interest rates on CD's, bonds and mortgages are likely to go up, maybe not rapidly, but I would think in 5-7 years, we could see them go up a couple %. I'd take maybe $300,000, out of the sale of my current home and invest it.
So, I am conservative, but somehow, in the back of my mind, getting a mortgage might be a no-brainer? What am I missing or what do y'all think? Right now, we have no other tax deductions. Any help is appreciated!
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