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Mortgage Questions
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<blockquote data-quote="Thomas Rogers" data-source="post: 767631" data-attributes="member: 60724"><p>Caymen said: </p><p></p><p></p><p></p><p>I insinuated no such things. Others did. Others, and there were more than one, said to pay down extra on the mortgage periodically (each month, once a year).</p><p></p><p></p><p></p><p>If there are emotional reasons to do that, say like you want to have the satisfaction and sense of security that paying for your home earlier brings, than that is good advice.</p><p></p><p></p><p></p><p>However, if the reason for paying extra is to save/make money, then folks should consider that proposition carefully. </p><p></p><p></p><p></p><p>Most people can come up with an extra $50, $100 or so a month, or a windfall of $1K a year, and when they do, they shouldn't simply figure that paying down their mortgage a little extra is their best investment.</p><p></p><p></p><p></p><p>With a 5% mortgage rate putting that same money into a drip-based index mutual fund would typically yield much more cabbage after 10, 15 years.</p><p></p><p></p><p></p><p>So, I didn't insinuate that you or others have that extra cash. I was just counseling on the advice given of paying extra principle.</p><p></p><p></p><p></p><p>TJR</p></blockquote><p></p>
[QUOTE="Thomas Rogers, post: 767631, member: 60724"] Caymen said: I insinuated no such things. Others did. Others, and there were more than one, said to pay down extra on the mortgage periodically (each month, once a year). If there are emotional reasons to do that, say like you want to have the satisfaction and sense of security that paying for your home earlier brings, than that is good advice. However, if the reason for paying extra is to save/make money, then folks should consider that proposition carefully. Most people can come up with an extra $50, $100 or so a month, or a windfall of $1K a year, and when they do, they shouldn't simply figure that paying down their mortgage a little extra is their best investment. With a 5% mortgage rate putting that same money into a drip-based index mutual fund would typically yield much more cabbage after 10, 15 years. So, I didn't insinuate that you or others have that extra cash. I was just counseling on the advice given of paying extra principle. TJR [/QUOTE]
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