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Originally Posted by PonchoV8
I understand where you're coming from and maybe something is telling you to be thinking this way? There's something intangible to consider if that's what's being pressed in upon you. Personally, I've been feeling for about a yr that I need to work on getting my primary house out of hock. I haven't done much about it though. I don't think I would draw my retirement out, but I've considered selling a house to pay another down quite a bit.
I looked at refinancing since we bought almost two yrs ago when rates had ticked back up, but we decided that sending along an extra $250 per month will knock us from 28 yrs down to 16 yrs. We still have the comfort of a low payment if something happens, and we get the benefit of a nearly 15 yr mortgage without having to refi to a higher payment at a lower rate--with closing costs.
I'd look into borrowing against the 401K like was mentioned earlier. Maybe it's still the same thing as a mortgage payment?
But in the event of a market crash (and your holdings are worthless), you can bankrupt and keep a paid for home, but you can't keep a home that you can't make the court agreed payments on now can you?
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Bingo . . . its an emotional thing. The idea of owning it free and clear and eliminating
the stress and burden of the mortgage is totally appealing to me. Isn't part of the American Dream to own own our homes. How many of us really achieve it.
Any one here own there homes free and clear. What did it feel like the day you made that last payment.
How much financial freedom do you now have to chase other opportunities that you had to pass on previously because you didn't have the cash.
Right now I do not have the extra money to invest the way I want to. My employer does not offer a match, so I am feeling like my investment strategy is even less effective. If my house was paid off . . . you can bet that 80 percent or more of the money I currently pay on my mortgage would go right back into investments.
I would also like to start my own business. I cant get past the risk of a potential income hit during start up, so its not even a realistic consideration for me. No mortage eliminates that.
If I wanted to make a career change I could do that knowing my income would suffer a bit. Not possible with my mortgage.
Also
If something happened to me. My wife would not have to worry about the house.
I know on paper it won't calc out. But I am least going to go through the analysis. If its close, it really could get some consideration.