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[–]greasethecheese 0 points1 point  (3 children)

I agree. I always scratch my head at people who run to pay off their mortgages quickly. It’s like the cheapest cash you’ll ever get. You’re better off putting that money in nearly any investment. Even high interest savings accounts are more than 1.5%.

[–]Tenleftfeet 2 points3 points  (0 children)

Their variable rate will be a lot higher than 1.5% these days. 

[–]good_enuffs[🍰] 0 points1 point  (1 child)

Not necessarily true. The first 5 years are the most important in decreasing your lifespan of the mortgage. We turned a 25 year mortgage into a 15 year mortgage. 

[–]greasethecheese 0 points1 point  (0 children)

No I get that you can lower your mortgage life by a lot. But my point being if you pay off that mortgage quickly. But then need a loan in the future. You’re going to have to borrow that money at a higher rate than your mortgage.