Question by Oldster: Should I payoff my mortgage by writing a line of credit check?
My mortgage rate is now 5.5% – line of credit is only 3.5% – but there is only 2 years left on line of credit; I think I can refinance at that time if needed; but my plan is to payoff within 2 years.
Answer by Venita Peyton
If you’re close to paying off your mortgage now, it should only be principal. What’s your rush? You won’t really be saving much money – especially if the line of credit is adjustable. You’ll still have to handle your real estate taxes and insurance.
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