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Sep 1, 2014 5:29PM
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We just refinanced from a 30-year to a 15-year. The monthly payment is $2 less than before AND we're still adding principal because I want the mortgage gone BEFORE I retire.
Aug 2, 2014 9:22AM
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Who  wrote this GARBAGE.

 

Not paying interest over thirty years and making the CEO at the lending facility richer is a great feeling.

 

A lender must have paid MSN to post this garbage. Since when is complete home ownership a bad thing. 

Aug 2, 2014 9:02AM
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Number 2 on the list says if you're not contributing the maximum to your retirement plan, you shouldn't pay off your mortgage.  That's bad advice.  If you can't contribute the maximum, then you should pay off your mortgage to free up that income so that you CAN contribute the maximum.

Aug 2, 2014 9:00AM
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I think it always better to be debt free than keep the mortgage. Dave Ramsey would totally disagree.
Aug 2, 2014 8:47AM
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This is so much bull. Watch the following documentaries about financing in this country and you will see why they don't want you to pay your mortgage off. These shows will blow your mind and we as a people should stop supporting these financial institutions and government practices and get our act together.

 

Here are the documentaries and make you own decisions.

Zeitgeist the movie 2007

Zeitgeist Addendum 2009

zeitgeist moving forward 2011

and we're not broke which is on Netflix

 

These shows will show and tell you why you should pay off your mortgage as soon as possible.

 

 

Aug 2, 2014 7:51AM
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I tell you people in this world are absolutely ignorant to believe the propaganda these imbeciles spew daily.....yea...yea....stay in debt that's good for you.....don't pay it off early. You imbeciles don't even really own the home you think you own....you just own the "RIGHTS" to live at that address they assigned to you when you signed the papers...stop paying your yearly taxes and see if you truly own your home. If you truly OWN something you shouldn't have to continue to pay on it or for it for your life. FACT......WAKE UP PEOPLE.
Aug 2, 2014 7:41AM
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You don't need to refinance to pay your mortgage early. In order to be safe, pay the mortgage as usual, and send a check mentioning "to add to capital", so if some months you can't pay more because something happened, then you're safe. When the problem is over then you restart sending more money. It 's a good way to shorten your loan without the risks.

Aug 2, 2014 7:27AM
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Really? An article on why NOT to pay off your mortgage, sponsored by Quicken Loans? Seriously? Conflict of interest much?


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This is some of the worst advice I've ever seen. It's better, relatively speaking, to default on your credit cards than the mortgage. You'll live without the cards but not without a house.
Aug 2, 2014 7:12AM
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Default on your house, they take your house. Default  on credit cards, they take your cards. DA.
Aug 2, 2014 5:54AM
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Once we get out of the buying and selling  homes just because we want something bigger we can get out of this cycle. This buying you living space to make a profit is all generated by the real estate people and the home builders.  We bought our home 10 years ago, this is where I am going to stay. My children may sell it after we are gone. 1300 square ft. on 4.1 acres. large garden and a lot of grass to mow, but that is what we like. No concrete and asphalt here.
Aug 2, 2014 5:47AM
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Didn't I see this same idiotic article a few weeks back. All the people that lend money would like for us to never pay anything off. That way they will have a job. Dave Ramsey shows how not paying off your mortgage cost us money, to save money. Something like paying 12,000 dollars to save 8,000 dollars. But, the lenders have to keep this myth alive because they know there are people that can't do simple math.
Aug 2, 2014 5:19AM
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I bought my first home (an apartment) in 1999 with a 15-year mortgage that I paid off in under 6 years.  After I got married, we sold the apartment and bought a house with a 30-year mortgage.  After 7 years of aggressive acceleration, we recently refinanced to 15 years and we'll have that paid off in 9 years or better.  On top of that, we have ZERO other debt — no car loan, no student loans, no old credit card bills, NOTHING.

Bottom line... I'll be able to retire FREE AND CLEAR and not owing anything to anybody.  PERIOD.
Aug 2, 2014 5:15AM
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People are looking for homes for cash to make some quick money now the market may be changing. They're just waiting for you to slip up. You should be able to secure a low interest loan than to refinance your home, but for bills, send them what you can afford and keep you home.  If you like making mortgage payments, buy an income property.  It can sustain itself win or lose in the fluctuating market now if you buy low enough.
Aug 2, 2014 5:09AM
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Don't risk your home. Rule number one....never use your own money or assets in business or paying off a debt.
Aug 2, 2014 3:06AM
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I agree with Marine Cole. There are 7 steps to financial success. They have worked for me and millions of other people.


1. Save $1000.00 for emergencies


2. Aggressively pay off all of your debt except for your home. Cut up the credit cards, if you can't pay for something with cash you can't afford it.


3. Build up your emergency fund to 3 to 6 months of your income


4. Invest 15% of your income into retirement


5. Save for your kid's educations


6. When you have completed the previous steps then pay your house off early


7. Build wealth by increasing your investing, give generously to those in need and live like no one else.

Aug 2, 2014 2:57AM
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the best thing you can do is walk away from the mortgage you have now take your cash and buy a fixer upper  yes you will have bad credit but you will not need it because that mortgage payment is now going in your pocket . banks are evil folks dont let them pimp you out for 30 years
Aug 2, 2014 2:40AM
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this article was sponsored by a mortgage company

Aug 1, 2014 11:36PM
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If you come into a large sum of money, use that money to flip properties in Seattle.  The average flip profit is $97,000 per flip.  Keep your money moving.  I'd stay away from the stock market.  Too risky.
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