It's good to pay off a mortgage if you intend to borrow money for a commercial venture or something along those lines. Bankers tend to be a little extra impressed by a paid off mortgage. It tells them you may have an interest in being responsible with any other loan.
This applies to traditional bankers only.
Topic: Is it a bad decision to payoff mortgage early - page 5. (Read 3519 times)
I say pay it slow. If you have a way to make more than the 4.4% your paying, then you are better of not paying. I assume your rate is locked in? If it is a balloon mortgage then I would think differently.
A few years isn't too bad but if you can buy a house in cash instantly, think twice what kind of investments you could make with $100 grand.
I was so eager that I paid off a 4.4% $150k 15y mortgage in a few years. now some people are analyzing and suggesting that i should have run it out.
thoughts?
thoughts?
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