Better to work off that debt over 10-30 years (which is what mortgages usually run for, not 40) and then be able to sell the house and get your money back than paying rent for 10-30 years and have nothing.
If you have a HELOC, yeah but the rate isn’t great. If you do pay off, you can always open a new HELOC.
Funny story, I had a HELOC as part of buying a house with no closing cost on it I paid the balance off but kept it open. They called me one day and asked if I would close the account. I said that I don’t think I should, because I’d suddenly owe the money for closing costs for paying off early, and they confirmed I could either sit with a zero balance for two years for free our pay a few thousand dollars for the privilege of choosing the account…
I paid my Car note and owed like $250 more for it to be paid off. My lender sent me a bill for $250 + $50 late fee. I called them and explained I just paid $430 and was going to pay the remaining next month. They said my 72 month contract ended is why. Okay but a late fee? I told them I will never do any business with them again.
Congratulations! You will now work off that debt for the next 40 years! 🥳
Better to work off that debt over 10-30 years (which is what mortgages usually run for, not 40) and then be able to sell the house and get your money back than paying rent for 10-30 years and have nothing.
True, also best to not pay off your mortgage. It is a line of credit if worth more than you owe. Once you pay it off that credit line is gone.
If you have a HELOC, yeah but the rate isn’t great. If you do pay off, you can always open a new HELOC.
Funny story, I had a HELOC as part of buying a house with no closing cost on it I paid the balance off but kept it open. They called me one day and asked if I would close the account. I said that I don’t think I should, because I’d suddenly owe the money for closing costs for paying off early, and they confirmed I could either sit with a zero balance for two years for free our pay a few thousand dollars for the privilege of choosing the account…
I paid my Car note and owed like $250 more for it to be paid off. My lender sent me a bill for $250 + $50 late fee. I called them and explained I just paid $430 and was going to pay the remaining next month. They said my 72 month contract ended is why. Okay but a late fee? I told them I will never do any business with them again.