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Moneywise

Is paying off a mortgage the best money ever spent?

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  • lvnthedrm South Jordan, UT
    May 2, 2013 8:28 a.m.

    Yeah, lets send all of our liquid money to a bank who will then make us qualify for the money if we need it back for an emeergency or the like. Liquidity in personal finance it key and a bunch of money tied up in your home is not liquid.

  • CougAbroad Vienna/Austria, 00
    May 3, 2013 2:27 a.m.

    Liquidity needs to be balanced with cash flow. If paying off your mortgage (after all the aforementioned 'musts' are taken care of) frees up thousands of cash each month, which you can then use to take the trips you will deserve at that point in your life, spoil your grandkids like you want to, etc., then paying off your mortgage is a good idea. Banks aren't the bad guys for making you qualify...you're the one asking for help and they're the ones accepting all the risk. Again, if you haven't amassed enough savings to allow you to retire/emergency fund, etc, then I agree with lvnthedrm, your focus needs to be liquidity.

  • luv2organize Gainesville, VA
    May 3, 2013 6:41 a.m.

    Buying a house and saving for a home are all part of a financial process. I like Dave Ramsey and how he teachers to have an emergency fund in place before even considering buying a house. He also teaches to have 15% going into retirement before even considering paying the house off.

  • george of the jungle goshen, UT
    May 3, 2013 2:51 p.m.

    It's an over whelming amount of money for a house, and the interest on the lone makes it astronomical amount. The faster and sooner the house is payed for the more money in interest you can save. But your resigned to the dept and hard to replace the washer or fridge or any of the expensive things that will go out a few times before the house will be payed for. It's one mounth at a time, one thing at a time, one day at a time.