Posted by MSD on March 08, 2014 at 13:34:20 from (71.32.35.249):
In Reply to: paying off mortgage posted by austin carpenter on March 08, 2014 at 06:18:21:
Where are you getting the money to pay it down? If your taking it from a 401 then you will probably be losing. The 401 should be returning more than 3.25 or your not invested right. If you have cash laying around to pay it off could it not be invested to also make more than the 3.25? Say down the road you want to put up a shed and it runs you $40,000, just to use a number. Your cash is now in the house you have paid off. You can do the home equity thing or take another loan to pay for it. Interest rates will never be this low again and you might be looking at a 6-9% loan. I once bought a house to remodel and try to resale. I paid 13% interest on that loan. My house loan rate was 9% and that was pretty much the norm for many years. Of course if you had money you could get as high as 16% in cds also.
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