If you could pay off your home would you? - Honda Motorcycles - FireBlades.org
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post #1 of 52 Old 08-11-2004, 9:01 PM Thread Starter
 
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If you could pay off your home would you?

This is for non-home owners also.

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Last edited by coderedcbr; 08-11-2004 at 9:02 PM.
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post #2 of 52 Old 08-11-2004, 9:07 PM
 
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Re: If you could pay off your home would you?

Fo sho, if I was Bill Gates, or Donald Trump.

Here in Oz
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post #3 of 52 Old 08-11-2004, 9:12 PM Thread Starter
 
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Re: If you could pay off your home would you?

Quote:
Originally Posted by Bacchus
Fo sho, if I was Bill Gates, or Donald Trump.
Na not a crib like that. A working mans crib like this

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post #4 of 52 Old 08-11-2004, 9:13 PM
 
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Re: If you could pay off your home would you?

Nope...it's cheap money, and a tax deduction...

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post #5 of 52 Old 08-11-2004, 9:17 PM
 
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Re: If you could pay off your home would you?

Probably not..just find a new house or new toys
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post #6 of 52 Old 08-11-2004, 9:21 PM Thread Starter
 
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Re: If you could pay off your home would you?

Quote:
Originally Posted by Baketech
Nope...it's cheap money, and a tax deduction...
I was thinking about that too. I'm thinking about letting the wife stop working because of health issues. With one income I could cut one major bill.

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post #7 of 52 Old 08-11-2004, 9:28 PM
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Re: If you could pay off your home would you?

I'd do it...and will as soon as possible. The saved interest would take care of any tax break many times over.

A smart investor with a low mortgage interest rate might do better to not pay off the home, but that ain't me.
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post #8 of 52 Old 08-11-2004, 9:31 PM
 
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Re: If you could pay off your home would you?

Quote:
Originally Posted by Baketech
Nope...it's cheap money, and a tax deduction...
This is what I was really referring to. If you had unlimited amounts of $$, why not, but for the less than dirt rich buyer financing is the way to go.

Here in Oz
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post #9 of 52 Old 08-11-2004, 10:25 PM
 
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Re: If you could pay off your home would you?

With the interest rates you can get right now (well, could get a few months ago), you will make far more money over time investing the cash and on tax breaks than you would save paying off the house.
The only time I paid off properties was when I sold them.
Real estate is somewhat of a hobby of mine, and the only reason to pay off your home is if you have an interest rate over 7% - and if that is the case, you should have refinanced already.
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post #10 of 52 Old 08-11-2004, 10:26 PM
 
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Re: If you could pay off your home would you?

NO... tax deduction.... I'll buy the biggest ass house I can once I finish training...

byebye
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post #11 of 52 Old 08-11-2004, 10:38 PM
 
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Re: If you could pay off your home would you?

What do you mean tax deduction? This better not be some free handout for you American fat-cats.

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post #12 of 52 Old 08-11-2004, 10:46 PM
 
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Re: If you could pay off your home would you?

No. It wouldn't be financially responsible. If you pay off your debt load at 4.4% instead of using that money to earn 20%.... Just doesn't make mathematical or financial sense at this time.

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post #13 of 52 Old 08-11-2004, 11:04 PM
 
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Re: If you could pay off your home would you?

Quote:
Originally Posted by Mangina
What do you mean tax deduction? This better not be some free handout for you American fat-cats.
MOrtgage interest is tax deductible... next best thing to kids

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post #14 of 52 Old 08-12-2004, 4:35 AM
 
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Re: If you could pay off your home would you?

Well, it all depends on the after-tax risk-adjusted expected return of your alternative investments. If you think you can get better than the after tax-deduction rate on your morgage, then invest, don't repay.

Most investment people are down to expecting returns before tax of 5-6% long term from US equities, so not much hope there.

You thought about hedge funds ?

Change is as good as a rest!
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post #15 of 52 Old 08-12-2004, 5:04 AM
 
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Re: If you could pay off your home would you?

I'd pay off as many debts as possible, great feeling not having anything owing to anyone. That would out weigh any relative financial win for foucusing on a high gain investment. Last time I experienced that feeling was right before I bought my first bike.

Last edited by matt232; 08-12-2004 at 7:48 AM.
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