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  •  As said elsewhere, it depends on your (1+ / 0-)
    Recommended by:
    lgmcp

    circumstances. The biggest drawback to paying your mortgage early is that it can be very difficult to access those funds later if needed. You can't sell a small chunk of your house to pay bills, and home equity loans are more or less available depending on other economic issues not under your control.

    If you decide to do this, please make sure you have at least a year's worth of spending set aside in a "safe" account, such as a credit union savings account or CD. That way you have needed liquidity if something bad happens and you need funds easily and quickly.

    Never separate the life you live from the words you speak. ~ Paul Wellstone

    by Melanie in IA on Fri Oct 28, 2011 at 03:37:39 PM PDT

    [ Parent ]

    •  Ah, there's the rub. (0+ / 0-)

      Otherwise, it's a better and more guaranteed rate of return than anything else I'm seeing, even with home-loan rates at record lows.  

      "The extinction of the human race will come from its inability to EMOTIONALLY comprehend the exponential function." -- Edward Teller

      by lgmcp on Fri Oct 28, 2011 at 03:46:31 PM PDT

      [ Parent ]

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