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julybride0706
LIF Adult
Member since 3/07 1376 total posts
Name:
kaitlyn
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should we pay off our mortgage?
we only got about 30k left in our mortgage. we have the money to pay it off but we're kinda holding it off just in case we need the extra money for repair/renovation when we get a house. on the other hand, i was thinking to pay it all off so our credit report will be even better. this is our only debt so i'm not sure if it'd do anything.
is it worth paying it off (beside that fact that we'll be saving on interest)?
any opinion and insight will be great.
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Posted 11/24/10 3:24 PM  |
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ndblovah
Be happy always
Member since 1/07 1880 total posts
Name:
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Re: should we pay off our mortgage?
No I wouldn't, not in this day and age. Congrats on only having that much left though !
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| Posted 11/24/10 3:47 PM |
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mommy2Alex
3 babies for me :)
Member since 5/05 6683 total posts
Name:
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Re: should we pay off our mortgage?
I wouldn't pay it off. You are probably paying minimal interest if any at this point so I would keep my money in the bank.
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| Posted 11/24/10 4:21 PM |
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BlueDiamonds
mommy to 3 boys
Member since 2/07 3885 total posts
Name:
proud mommy
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Re: should we pay off our mortgage?
i would consider how much you are paying in interest on the mortgage versus how much you are earning with having the cash and decide from there. if it's close, keep the cash in case of an emergency.
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| Posted 11/24/10 4:27 PM |
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Goobster
:)
Member since 5/07 27557 total posts
Name:
:)
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Re: should we pay off our mortgage?
Aren't you house shopping? If you pay it off, you will qualify for a larger mortgage when the time comes you want one. Also, not sure where you live but it's good that you can have your taxes and home insurance paid from there, so you never forget.
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| Posted 11/24/10 4:54 PM |
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julybride0706
LIF Adult
Member since 3/07 1376 total posts
Name:
kaitlyn
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Re: should we pay off our mortgage?
Posted by Goobster
Aren't you house shopping? If you pay it off, you will qualify for a larger mortgage when the time comes you want one. Also, not sure where you live but it's good that you can have your taxes and home insurance paid from there, so you never forget.
yes..we really need to put our coop on sale and look for a house next spring. thought we start the ball rolling now. good point on the tax and HOI.
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| Posted 11/24/10 11:45 PM |
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csorisi
My 2 LOVES
Member since 11/05 1984 total posts
Name:
Corinne
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Re: should we pay off our mortgage?
I wouldn't pay it off. Leave it in the bank the fact that it is on your credit report isn't hurting you at all--it is helping you. Also you have so little left it will not affect you buying another house--if it does you know you have the money to pay it off before buying a house. Good luck and congrats
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| Posted 11/25/10 10:32 AM |
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maybesoon
LIF Adult
Member since 9/09 5981 total posts
Name:
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Re: should we pay off our mortgage?
YES! Imagine life with no mortgage, I'm so jealous 
with no mortgage you can replenish your savings quickly , congrats 
oh wait, are you upgrading?? if so , Iwouldn't pay it off then
Message edited 11/25/2010 11:21:54 AM.
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| Posted 11/25/10 11:20 AM |
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hazeleyes33
LIF Adult
Member since 5/05 13060 total posts
Name:
Ginger
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Re: should we pay off our mortgage?
Posted by maybesoon
YES! Imagine life with no mortgage, I'm so jealous
with no mortgage you can replenish your savings quickly , congrats
oh wait, are you upgrading?? if so , Iwouldn't pay it off then
ITA with you. Take the money you spend every month on the mortgage and save it again.
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| Posted 11/25/10 4:34 PM |
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