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 Snowmobile [Email] (#686) [Profile/Gallery] (more from Snowmobile) on Mon, 15 Feb 2021 11:28:32 Share Post by Email
In Reply to: Re: Looking for opinions on paying down mortgage., EGD [Profile/Gallery] , Tue, 2 Feb 2021 11:04:41
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It is hard to know for sure, but I tend to agree with you that significant inflation is in the future and probably higher interest rates. That or higher tax rates "to prevent excessive inflation" (that is how some economists word it, but really, they are just rewording the usual macroeconomics 101). I think we are already starting to see the inflation on some specific commodities (food, building supplies, etc). I'm not an economist, but I do find it interesting to analyze. I anticipate rough waters in the years ahead.

Normally with mortgages, it's really hard to "beat the bank" with a fixed rate. If you go back in time, at least up here in Canada, there were about 2 years since 1950 when you could get a fixed rate and do better than variable over the term. One of them was a single year back before the soaring interest rates in the early 80's. Maybe we are due for that to happen again. Then again, policy makers today seem to favour low interest rates, so it is hard to know.

I hate carrying debt, but if you have a secure investment that yields a higher return, quite possible today with the very low mortgage rates, carrying that investment and continuing to pay a mortgage is wise. Leveraging stock investments might be less safe though if the market becomes more volatile.

If you are locked in to a fixed value of mortgage and inflation happens, that is probably a good thing, as your mortgage is now worth less compared to the value of eg the property (as long as you have the financial stability to be able to keep up the payments of course).

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