Should You Pay Off Your Mortgage Early? | Jill on Money
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- Опубликовано: 20 сен 2024
- On this episode of Jill on Money, Jill Schlesinger and Mark Talercio talk mortgages! What should you do about yours? Watch to find out!
Jill Schlesinger is an Emmy and Gracie Award winning Business Analyst for CBS News and host of the Jill on Money podcast. For more, check out: www.jillonmone....
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Nice to see Mark back! What about recasting regardless of interest rate? With a low interest rate it seems like an interesting way to increase cashflow and keep the rate. I was quoted ~$40/10K recasted - thats somewhere in the neighborhood of 4-5% cashflow back. But it's 4-5% cost reduction, not income. Curious to hear your thoughts.
Mark seems like he was dragged in here for an interrogation. Either he doesn’t have a mortgage, or he’s over having the mortgage 😂
Just came back from a 1 year old’s Bday. All of we parents are renting. Price to income 2x historical average on top of the dual income mandate for millennials. And I invented a medical device! Renting. Rent rent rent. No home for babies.
so Build up Dept and sell my Winners Off? That's what I learned not to do..
My mortgage rate is 4.7...i make about 110k... Have about 390k mortgage and 400k in a brokerage account.... What would you do in my situation?
Depends on what my goal was.
If I wanted to be free from debt and all large payments I'd pay that mortgage off in the next 14 months. 110k salary with basically a few hundred dollars in bills a month for the rest of your life.
However if my goal was the most money possible, I'd let it ride in the market. 👀
Reverse engineer it. If you had a paid off house, would you take a mortgage out on it to have 400K in a brokerage account?
@@cookieforawookie most likely not lol
The math and spreadsheet answer is keep investing. The psychological answer and stress reduction of no mortgage probably can't be quantified.
If you paid off the house the biggest risk to me would be not remaining disciplined to rebuild the brokerage. Lifestyle creep is much easier once the mortgage is gone. May not be an issue for you since you've already saved so well.
Ultimately both have pros and cons. Never met anyone unhappy who didn't have a mortgage.
Also a mortgage is a guaranteed return of the interest rate and even though historically markets return more than your rate it's no guarantee that happens in the next 5 year span
Just compare your interest rate vs gains. If your interest rate is 4.7% and you can get 7% from your brokerage, then at the end of the year you will have made more money in your brokerage than you would have saved investing it in your mortgage.
I'm paying my house off early while still investing a good percent of my income. Way I see it - if I had a paid off house, would I take out a mortgage to invest? The answer is obviously no- so I'm paying off the house.
If I could take a loan out at 3% to invest, I would do it immediately.
Fool
These aren’t high rates.
@@slowridefpv9668 homes don't cost $150k anymore....
You're like 60? Yes highest in 3 decades.