Re: Looking for opinions on paying down mortgage - Saab General Bulletin Board - Saabnet.com


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Re: Looking for opinions on paying down mortgage
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Posted by Scott Paterson [Email] (#13) [Profile/Gallery] (more from Scott Paterson) on Tue, 2 Feb 2021 11:37:40 Share Post by Email
In Reply to: Looking for opinions on paying down mortgage, Sam, Tue, 2 Feb 2021 08:42:41
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I like this article on paying down mortgage ideas:

https://loans.usnews.com/articles/things-to-consider-before-paying-off-a-mortgage-early

For me, I just refinanced our mortgage from a 30-year to a 15-year mortgage and reduced the rate to 2% (with no closing costs). I did not take out more money from our equity. I've been a steady stock market investor since 1991 and weathered the dot com bust and the 2008 recession by holding steady. My wife and I renovated our home which is the only time I significantly sold off stock to finance a specific project. I don't have time to do my own investment research so I have had the same financial advisor who handles my portfolio since 1991 and he's done a fantastic job out-performing the markets. It was a personal decision to up my monthly mortgage payment by $1k/month which is being diverted from being invested. I might be losing money on this decision, but I really like the idea of 2% interest and being done with my mortgage in 15 years instead of 30.

My grandfather spent a lot of time with us grandkids teaching us about the stock market. He was a savvy investor himself and I think this is a funny story; when I went to college, I got my first computer, a Mac 512Ke. My grandfather asked me "What in the world does anyone need a computer for??!! I've got my ledger in which I record all my transactions...??!!" Meanwhile, he had been investing in IBM and Digital Equipment Corporation early on and saw phenomenal returns...

-Scott

_______________________________________ Saabnet.com Webmaster Saabs Owned: 1973 Saab Sonett III (Current) 1983 Saab 900 Turbo 1985 Saab 900 Sedan 1990 Saab 900 1992 Saab 900S 1999 Saab 9-3 Turbo 2005 Saab 9-2X Aero (RIP 95K/Accident-guy ran stop sign) 2005 Saab 9-2X Aero (Current) 2007 Saab 9-3 SportCombi 2010 Saab 9-3X Wagon (Wife's Current) Winner 1996 Saab Owners Convention Rally Novice Class Winner 1999 Saab Owners Convention Rally (All Classes)


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