Should you pay off your Mortgage?

Discussion in 'Financial Cents' started by Game Ends, May 8, 2015.


  1. kellory

    kellory An unemployed Jester, is nobody's fool. Banned

    What type of ammo does your "finesse" take? And how fast can you make it disappear, when the donutmen come knocking at your chamber door?
     
  2. BTPost

    BTPost Stumpy Old Fart,Deadman Walking, Snow Monkey Moderator

    Mine takes .308 NATO, in 30 Rnd Mags it goes pretty quick. And there ain't a doughNut Shop within 250 miles.... Oh, Yea, I own all my property, outright....
     
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  3. Idahoser

    Idahoser Monkey+++ Founding Member

    my credit union refinanced my 30 year 4.5% down to 2.99% 10 year and they paid the closing costs, all it cost me was the $300 for an appraisal. No points, no doc fees, no nothin. You may find a deal that doesn't cost you. This is the time to look.
     
  4. Clyde

    Clyde Jet Set Tourer Administrator Founding Member

    1) if home is also retreat, pay it off.
    2) if home is not retreat, take funds and all equity to buy a retreat that is totally paid for.
    3) make all payments when shtf. Move to retreat and fuck the bankers
     
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  5. UncleMorgan

    UncleMorgan I like peeling bananas and (occasionally) people.

    The banks are moving toward charging you to save instead of paying you to save. Not only with deposit fees, but a small "bank tax" on the balance in your checking and.or savings account. Just a greedy little nibble, that never ever stops.

    "Negative Interest" they call it.

    It's a way for the banks to claim money that sits in lost or forgotten accounts. It's also a way for banks to boost their bottom lines, along with their ever-increasing charges and penalty fees. Everyone knows about the minimum-balance gag: Keep at least a hundred dollars in your "free" savings/checking account or it stops being free. Then you get hit with a monthly fee that would eat up a hundred dollars pretty quickly.

    If you have to keep that $100.00 in the bank, forever, whose hundred dollars is it, really?

    The bank's, until you finally say "ENOUGH!" and reclaim it.

    If a bank only charges you 1% a month of "Negative Interest" on the balance in your savings account, and you don't replenish it regularly, in a year it'll be down 12%--and in eight years it'll essentially be gone.

    Some banks overseas are already doing that.

    Recently, a bank here in the US unilaterally decided to start controlling who would and would not be allowed to withdraw their own money, how much, and for what reason. That didn't last long because the public wouldn't stand for it. But they sure tried.

    Worse yet, the United States has a already had the foundation laid for bank "bail-ins". Like in Greece, when a bank fails, they pay their gambling debts out of the depositor's accounts. Then the bank gets healthy while the depositors get wiped out.

    Bank accounts are hard to escape from. It's so convenient to be able to write checks. And the Guv would much rather send your money to your bank than to you. And how often do you find an employer that will pay in cash, or even cash your paycheck for you?

    Well, if a person MUST have a bank account they should at least use a locally-owned Credit Union.

    They're usually cheaper, friendlier, and much more financially sound.
     
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  6. Mindgrinder

    Mindgrinder Karma Pirate Ninja|RIP 12-25-2017

    Owe no man nothing is biblical I think.
    Just sayin
     
  7. Clyde

    Clyde Jet Set Tourer Administrator Founding Member

    I don't disagree, however, this recommendation is based upon planning for SHTF. If you can pay them both off, then you don't have to worry.

    I was the guy with all the equity in his home in 2008 that went "poof" in 2009 when housing prices went in half. I learned my lesson and that is why I made the post. Not everyone can be in the middle of nowhere, but I figure if you are going to own a retreat, but can't live their then it should be the first priority to pay off.

    Clyde
     
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  8. Dont

    Dont Just another old gray Jarhead Monkey

    I paid cash for everything for many years.. Then I got married! Have had debt ever since.
    Have been paying extra on the principal of this mortgage from the first payment to get it paid off quicker..
    Also have told the miss's that there will be no more debt after everything is paid off..
     
    Yard Dart likes this.
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