In this climate of financial insecurity should we pay off our mortgage or put money someplace else and hope for the be?
I can tell you what we did at our house. After we had all of our debts besides our mortgage paid off, we did the following: fully funded a 1 year emergency fund to cover us in case of a job loss or other unforseen emergency situation. Now that the emergency fund is fully funded, we're saving 15-20% of our income towards retirement savings accounts.
With money left over we are paying extra towards our mortgage to pay it off years early. Depending on where you are, and your risk tolerance, I'd suggest doing something similar. Html.
She says that you shouldn't payoff your mortgage. It's a low interest loan in most cases. If it's a fixed rate this will be the amount till you pay it off.
It's good debt. It helps your credit score. She does say that if you want and can you should just pay one extra monthly mortgage payment every year and that saves you like $38,000 on an average single family mortgage.
There are bank out there that are FDIC insured that give you a decent interest rate. INGDirect.com and Immegrantsbank.com are two of them.
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