Q&A: Should I payoff my mortgage by writing a line of credit check?

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.

Best answer:

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.

Know better? Leave your own answer in the comments!

This entry was posted in Q&A and tagged , , , , , , . Bookmark the permalink.

3 Responses to Q&A: Should I payoff my mortgage by writing a line of credit check?

Leave a Reply to Use Your Noodle Cancel reply

Your email address will not be published. Required fields are marked *