My Bank Is Telling Me NOT To Pay Off My House!
Вставка
- Опубліковано 30 вер 2024
- 💵 Create Your Free Budget! Sign up for EveryDollar ⮕ ter.li/6h2c45
📱Download the Ramsey Network App ⮕ ter.li/ajeshj
🛒 Visit The Ramsey Store ⮕ ter.li/7vyom2
📞 Have a question for the show? Call 888-825-5225 weekdays from 2-5 pm ET or send us a message ter.li/n88ly5
Explore More Shows from Ramsey Network:
🎙️ The Ramsey Show ⮕ ter.li/ng9950
🍸 Smart Money Happy Hour ⮕ ter.li/9gcp3d
🧠 The Dr. John Delony Show ⮕ ter.li/2u3mc0
💰 George Kamel ⮕ ter.li/1elws8
💡 The Rachel Cruze Show ⮕ ter.li/n2u6jc
💼 The Ken Coleman Show - Highlights ⮕ ter.li/1rbjr2
📈 EntreLeadership ⮕ ter.li/ktxv2k
Ramsey Solutions Privacy Policy
www.ramseysolu...
Nix the guesswork and scrolling. We’ll connect you with investment pros we trust: bit.ly/3hc6Pgt
When I paid off mine they acted like a bitter ex-girlfriend. Just gave me a sheet of paper that said loan paid and said bye
That’s hilarious!
🤣
Lol hilarious description and so accurate.
Happened to me too when I paid off an auto loan.
Make sure you ask for release of lien on your home and register with your county treasure. They tried that with me just giving me a letter and said it was done.
As soon as you start taking advice from a bank (who’s only interest is to keep you indebted to them) then you have already failed.
Facts
not always true, but yeah fee income is how we make $.... 'don't pay it off refi!' is the mantra .... don't cash out your home.
The bank is not your friend.
Well said 😉
Who's only interest is to earn interest off you😅
I always call my bank for their advise, then I do exactly the opposite of whatever they suggest, it always works out great!
😂😂😂
Lmao
😂😂😂😂😂
Funniest comment I've read in weeks thank you sir.
Banks care about the rich and shareholders, NO ONE ELSE
My banker said, “I’ve got 150 friends in the financial sector and not one of them would recommend paying off your mortgage early.” I said, you need new friends, I’m paying off my house.
You guys could start a new show called "Dave Ramsey's minions"
I dare a bank to tell me what they told him. Sounds like this dude fall for anything someone tells him
The first time I called the bank to ask about paying off my mortgage they said, "you know you are eligible for additional loan based on your home equity..." 🤣
😂😂😂
I refinanced my house and a month later the bank wants me to refinance again! Lol.
I mean they are BANKERS
They want to keep you in debt because they make money off your debt
BankSTERS
Of course a bank would say that, they want to make more money on the interest.
What would the bank benefit if you pay it off? They want to keep you paying.
@@stevenporter863 You free up cash so they can lend to someone else.
@@johnSmith-uz8nl Doesn't work that way. To banks money isn't like it is to us (limited) but they create the money right there on a computer screen when they make a loan. In reality the interest to them is interest on money that didn't exist before they loaned it out - multiplier effect.
@@stevenporter863 actually, most banks sell their mortgages and grab the profits right away and they hope you refinance so they can do it again and again and again, etc...
@@stevenporter863 spot on sir! The bank isn't a "middle-man" who arbitrages between savers (savings accounts) and borrowers (mortgages).
It’s like warren Buffett always says “don’t ask an insurance salesman if you need insurance”
That's a good one.
Or asking a real estate agent if it's a good time to buy and house. Or sell a house.
"Never ask a barber if you need a haircut." (Warren Buffett).
Who do u ask then?
@@michael567jober someone With no self interest in the deal that has advice that makes sense
Don’t ask your bank for financial advice 😂
So we should ask you?
@@johnSmith-uz8nl No, but not a bank!
@@johnSmith-uz8nl you do what you want to do. As for me - debt free is the ONLY way to live and grow retirement accounts! I chose freedom.
Now - what say you? 🤔
Truth!
When we paid off my wife’s student loans they fully said the same thing. They said it wouldn’t make any difference paying off that day or going there full term. I knew better and we saved all that interest by paying that day.
If corse it makes a difference- the INTEREST!!!
Caller: I want to pay off my house
Bank: Nah, that's a bad idea
Caller: Why
Bank: We want to take your money I mean we want to steal your money sorry I mean we want you to overpay I mean we want your money I mean sorry I mean we want to take your money I mea
😂
😂😂😂
I like the way you put that
Pretty sure the local burglars will tell you not to install a security system.
Lol
😂😂😂
Yea don’t lock it,those locks break and there expensive!
Something tells me what he makes and what he reports are two very diff numbers.
Dude hasnt filed in a while 😳😆
Who cares the wealthy do it all the time
Way back in 1977, my parents bought a modest home. We did not have a big income, but my mom was excellent at budgeting, and handled all the finances. One Christmas, after living there for a little over 5 years, my dad opened a package from my mom and inside was a paper stating that our mortgage had been paid in full. Boy was he shocked!! Mom had made double-payments every chance she could, as well as additional annual payments. It's a really good thing she did. In the early 80s, mortgage rates went berserk in Canada - to over 20%!! A lot of good people who had never missed a single payment on their mortgage were either foreclosed on, or forced to sell their homes for next to nothing. If my mother hadn't worked so hard to pay off the mortgage, we would have been in the same boat. Anyhow, it pays to pay-off your mortgage as soon as possible!!
Yup! Bought my house in 2010 on a 25yr adjustable, always had low rates until 2023...
The bank called me to suggest stretching the mortgage to keep the monthly payment the same, I threw savings money at it to keep the monthly payment the same ánd shave 3 years off instead, now I'm throwing every cent I can spare at it. I wish I focussed on paying off the mortgage sooner, despite the low rates pre-2023.
@@Candisa- Good for you! Excellent decision. It's ok you didn't do it before, you're doing it now! :)
That's incredible
Wow, this makes me realize how much banks must hate Dave Ramsey. Praying for him.
Lol they don't care about him at all.
Bankers probably call Dave some bad names.
Dave is small potatoes to them, like a flea, the have plenty of victims left
I dont buy that "I dont know what I bring home a year" excuse. He's got 140k in cash for a reason.
He probably fudged on his taxes and doesn’t want to say a number.
Some people just live below their means and don’t need to worry about an exact yearly amount of money. as long as he’s saving and living that’s what he cares about
Probably a cash biz ;) ;)
The difference between what that 140K is making and the 120K is costing should be motivation enough. Write that check and then keep paying that mortgage payment back to your savings account!
140k making 10% vs 120k costing 2.5% investing that money is the smarter move.
This gut: Dah, how I do that?
Sure, IF he had it invested, but he said it was in savings. Savings accounts don't pay anything.
@@RichWomack So if dave actually gave good advice he should have told him to get that money in a low cost index fund.
@@aaront936 This line of thinking doesn't account for risk, increase in cash flow, and other intangibles. Imagine the money you have to invest when you don't have a mortgage payment. This guy also started a new business, so his risk profile is higher. Him not worrying about lodging expenses is huge.
I walked into my bank and paid off my home loan 13 years early. Bank didn’t like it they wanted all that interest. But I wanted that interest money even more then they did👍🏻🤪 If you have even one payment left on your home and you do not pay it the bank can foreclosure on your home. A note of caution here please make sure if you do this your bank does not have a prepayment penalty on your loan. Never take out loans with a prepayment penalty on them.
Even with a prepayment penalty probably still worth it.
I always ask for loans without an early payoff penalty. Always always always.
Its so competitive out there that I doubt there are many lenses that have that as a charge
that is like asking the butcher if you should eat more vegetables. of course the butcher is going to tell you to eat more meat.
The guy should probably know how much he makes a year before he uses most of his savings to pay off the house. Even if paid 100K of the mortgage and then crunched his numbers before knocking out the last 20K I think it would make more sense.
My Bank won’t even tell me the balance unless I pry it out of them! It pisses me off to the point of wanting to get rid of the mortgage ASAP!!
That sucks yikes, change banks/new mortgage STAT!!
that sounds like a pretty evil bank, you need to refinance to another company, they seem dangerous
I would recommend refinancing and getting away from that lender
by being that terrible, they are actually helping you get rid of that mortage. great
Sounds like my car loan u get one yr paper with the total rest just go to website an pay with payment history but not statement an nope don’t get paper bill either like wtf
They know he has cash and want him to talk to their “financial advisor”. That way they have his mortgage and the interest he pays AND his extra cash.
Yeah, I don’t need financial advice from some person who’s wet behind the ears and isn’t financially independent.
I was told this same bs two years ago. That this would be the stupidest decision I ever made. Paying it off on the 14th...
Congrats!
I paid my car off earlier this year and the bank teller was shocked and almost confused lol
@@Daffodils2Daisies Please, never get a car loan again.
@@johnSmith-uz8nl lol, not planning on it
@Anthony Harris Excuse me?
A bank only gives advice for their own benefit. It has always been like that. A bank is a business. And unfortunately nowadays they are less customer oriented than they were 20 years ago. And even then it wasn't that great I fear that in the future banks are going to control the population even more if cash is going to lose ground. I greatly support cash as legal tender.
After i heard this its now my life mission to end the mortgage 💸
The amount you save in not paying interest to the bank. And paying and investing that is amazing compound interest is key.
It's like a thief having a say on what stuff you should buy so they can take it.
Pay ur house off now
This show is SO bad without Dave. None of the emotion. I want to hear, “Write a check today and pay that sucker off brother! Can you feel the weight on your shoulders lifted!?! Let’s BUST IT! Get after it man!!!”
I wouldn’t say it was “bad” but with Dave it would’ve been better
If u feel a weight on your shoulder on your mortgage u should NOT buy the house to begin with
The younger generation doesn't have the passion
It’s hard to beat Dave, but these guys are solid, too!
Don’t make money an emotional issue. That’s most people’s problem as it is!
It's funny how bad the bank tried to get me into a home equity loan once my house got paid off.
Same here
I have a HELOC and it allows me to keep a zero emergency fund. I keep my HELOC at zero.
@@johnSmith-uz8nl are you investing the money you're NOT saving for an emergency fund??
yep. i kept getting the "what if you want to remodel the kitchen and you can use it for a new car". AND "i feel like you're wasting that money. its just sitting in your house" UM no thanks. I'll stick with no payments.....
So I got a haircut and then walked into a different hair dresser and asked them if I need a hair cut... what do you think they said?
They asked you to learn how to spell haircut.
@@michaelb.8953 haha. My spelling SUCKS.
@Anthony Harris Yep!! Life of the party especially when I show up with a bad hair cut.
@Anthony Harris Was never even close to being the class clown nor ever thrown into lockers and trash cans or ever bullied for that matter. Now I'm just starting to get bored.
Ryan is Scooby-Doo'ing his way through his finances. I'd get on the financial education ASAP.
Seems like he is doing better then most
Fake call I hope
This caller's issue isn't financial it's fear and unwillingness to be involved in his own wellbeing. He's listened to these broadcasts for years yet has no idea how much he makes and hasn't started the baby steps once. The banks 'put me in debt' and listening to them about his mortgage. He's not involved, he's playing the role of being a victim.
At least he called in for advice. So many are making the same or worse mistakes, and will not accept the possibility that they are wrong.
And yet, HE is paying off his house. (Wish I was at that point.)
I was guessing he lied on his taxes on how much he made like a lot of self employed people do. So maybe he hasn't kept track.
Pretty simple. Pay off the house today. Leaves 20k for emergency fund. Then start investing in retirement acct tomorrow. Done. Caller has done a great job!
Hang up the phone and pay it off. Simple
"The people who will make thousands of dollars by me not paying off my house don't want me to pay off my house." Ha ha ha be aware people.
My drug dealer is telling me not to stop taking drugs.
Yah, I need a drug dealer... are you local? MA charges an arm and a leg for drugs (M.J.)
He knows what he makes he just didn't want to say. More then likely he didn't earn all that savings.
He said it was from selling a business
Lol wow you guys are all salty AF. Guy is doing great and you’re super jealous and it shows 😂
@@patryk2497 Exactly! He is 35, not 25, he could have easily started, developed, and then sold his successful business by now. My neighbor is in his 40's and a (self-described, I'm not shaming) "high school dropout" and he makes a TON of money off of a business he started at 18. I have been SO impressed with his business savvy :-O
@@patryk2497 He should be investing in retirement and long term savings. Not to say he isn't in a decent place, but his financial literacy is lacking.
I called the bank and asked them how to pay off my house. They told me I need a certified check, bah bah bah. I just wrote them a personal check just like every month and I never heard from them again. Never got another bill, thank you letter or anything.
😂
I hope you got a receipt that said PAID IN FULL.
You might want to double check if they still have a lien on your title.
@@thomasd5488 Never got a thing from the bank. But, I've sold the house.
They said the same thing to my dad then gave him an amount he needed to get it under to use a personal check. He made two payments instead of one
My parents didn't refinance their house because their bank said no they couldn't. Lol of course the bank says you can't get a lower interest rate, that's why you don't ask them.
Why ask the opinion of the bank. Their self interest is not definitely the same as yours. Paid mine off 20 years early.
How do people not know what they make??? Especially if you own a business.
It's kind of similar when you ask a business owner how his business is going. When he says" hhhm, business is a little slow", you can bet he is raking in money. I have seen this multiple times now. Just like farmers. Always a tad on the complaining side, which means everything is cool
@@mathisnotforthefaintofheart I owned a business for 20 years. when someone asked "how's business?', I would reply" it's going". Most of the time it's a way of saying, mind your business. Most people aren't asking because they care but because they want to count your money. Especially if this question is coming from a customer or a family member. Usually other people in business ask more direct questions about the business itself, suppliers, accountants, etc especially when they are in the same field as you, in that case i never minded going more in depth because we are helping each other instead of just being nosy and counting someone else's money. I've never asked anyone' How's your salary and promotions going"?
Like asking the cigarettes and alcohol industry’s if I should quit and live a healthier life
You guys should have told him he’s giving the bank around $300 a month in interest
On his mortgage. 👈🏼
Without knowing what he started at, how long ago he started, and what his monthly payment is… there’s no way to accurately guess what he pays in interest each month
I am wondering if the bank is evaluated on percentage of performing/non-performing loans? hence they want to keep a performing loan to keep their record in good standing?
Did he also go down to the bar and ask if he should stop drinking?
They didn't answer his why. Dave would dig into the Why. He was just looking for clarity
I caught that too
This guy needs cash for his business. They never asked him why he needed such a large amount of money in the bank. He buys & sells equipment for a living. 🤔🤷🏽♂️
Yes, I agree. I feel more information should have been gathered before jumping to a conclusion. If it were me, I would use a large chunk to bring the mortgage down, but he is going to need to start his investments, pay for other expenses, and then have a 3-6 month nest egg.
Of course The Bank Wants You to KEEP paying them Interest .. That’s How they Make Money 💴… Pay off your House 🏠💪🏾
The Bank sold the loan in the first 30 days and now collects an escrow fee.
If his interest rate is around 3-4%, then isn’t it better to keep the debt and invest the cash and make 8-10% instead? Net would be earning 4-7% off the money.
Dave and crew are never going to recommend that, but yes
yes and no. Yes, you are right. BUT there is risk when you invest and there is much less risk if you pay off your investments. Dave has said it (and I agree... don't agree to often) for you to become rich it is a lifestyle it is not about making the most out of your investments... it is much more about LIVING BELOW YOUR MEANS.
He can do what you suggested and he can pay off he’s home .one thing I know for sure though , keeping 140k in savings accounts while doing nothing is stupid
Love George Camel! I missed him as the host of the show but he's so great as a personality. And this John & George combo is awesome!
I dont know about him. He doesn't seem genuine to me. More like a wannabe mini Dave. I know that sounds harsh and Im not trying to be. Not sure how else to describe it.
I can see where he’s coming from though, when your income isn’t set and he’s probably making 35k a year, it’s scary spending a big chunk of change like that
yes. but NOT having that payment is a huge help.....when there isnt much outgo the income doesnt matter as much.....
The bank want to keep him in a mortgage because as long as loan is live the bank can use the equity in home to backstop other loans.
My credit score has gone down twice since I have paid off each of my cars. I don't foresee borrowing any money or financing anything else in the future, so I don't really give a rip what my credit score is. The banks and other lending institutions are not your friend.
The fact that he is 35 and still hasn’t started saving for retirement is more terrifying than a mortgage.
Yep
Not really. This guy could be mortgage-free tomorrow (for the rest of his life!). Then shift basically all of his excess income into retirement. He is so much better off than your typical 35 year old.
Some people lose it in a divorce and have to start over older than him.
i am just impressed at 35 hes able to fully pay off his house!!!
After paying off his mortgage the guy has absolutely no debt and the fact that he did that by the time he was 35 is far better than average person and he has another 35 years to save for retirement with absolutely no debt payments anywhere, he should be able to bank the money away and have millions invested by the time retirement comes around. I wouldn't be worried at all just as long as he sets his next goal on funding retirement non stop ASAP.
Most of your mortgage consists of interest in the beginning. Of course, they don't want you to pay it off early.
Why would someone call a bank and tell them am about to pay off my house what do yall think. That dosen't make sense. You just pay off the mortgage once the balance is zero you just call the bank to close the loan out and start the process to get the paper work and the deed. Am in a process to pay off the mortgage, I had allot cash in the bank I just started making large payments towards the principal. My plan is get the loan to zero and call them to close the loan in April 2022.
Just make sure when you do close that it is filed properly at the City. I have seen to many times when you pay off your mortgage and when it is time to sell there are issues on the seller's end cause closing documents were never filed. You need to get your mortgage discharged at the City level.
@@johnSmith-uz8nl Thanks, First thing I did was started googling what you need to do after you pay off your mortgage. People Just pay off the mortgage and they see zero balance and they think that's all your mortgage is paid off and you have no payments. I want to make sure I do everything right and I have the paper work done so I wont have any problems down the road.
@@gvanys Yah, my co worker who paid off her house about 10 years ago just sold it and she had to put off closing cause her mortgage was never discharged and the buyer demanded composition which I am sure he got but it is really about the headache. You get the title (I put mine in the safety deposit box) and either you or the bank needs to file discharge papers for any mortgage.
Meet me back back here in april bro mine should be done around that time as well👍 keep grinding
Question they should be asking is: what is the mortgage monthly payment? How many years left on the mortgage and what is the APR% on the mortgage. That way you give the perspective of how much you be saving with no mortgage. Not asking how much money you make and what tax you paid. Come on you two...
If your bank tells you not to pay off your house, you pay off your house as fast as you can.
I've heard many people advise this due to inflation and interest rates. I'd love to hear Dave's take on this.
IG?
What’s your interest rate? If you refinanced during the 2.7% I’d keep and put into stocks
This all the way, but they can't say that on this show.
I got 2.35% in a 15 fixed rate. You'd suggest investing any extra cash after the usual expenses and savings rather than pay down the principle?
@@brinkmannfilms yes 100% you should.
@@brinkmannfilms 10% returns are greater than 2.35% simple interest.
That 10% return has dwindled with how much rates have risen in the last year. Interest rates have tripled.
This is terrible advice. I love Ramsey, but if this guy has no retirement savings he should put some of that money away first.
really terrible advice!! I understand that people don't like debt, but this is psychological. There's no reason to be in a hurry to pay off a low interest loan.
The nerve of these banks
He also mentioned that he buys and sells equipment, wonder what that means and how much liquid cash he needs to buy and sell... for example I wouldnt pay off my house if I need 50k for equipment and flip it to make a profit, no point of paying off the house... seems like they didn't hear that part and he couldn't fully explain himself...
That's probably also part of why he doesn't know how much he makes per year, although on the flip side of that argument, he should know what he reported to the IRS.
Dave should be doing the show solo.
DR wants a break. He's getting older. He might be preparing to pass on the reigns.
@@Omonike88 Reins. As in directing a horse.
Pay it off. Get the deed. Keep a copy of it.
IMO they didn't ask enough questions. He has to know how much he is making before paying off the house. Also what is conditions of his cars, the future of his business, how is the house worth ect. Depending on these answers at his low wages he might become house rich money poor. Just my thoughts.
Never listen to the salesperson telling you not to cancel their service, they never have your interest in mind.
Of course your mortgage company doesn't want you to pay your load off early. Less money for them...duh..
I LOVE when John goes falsetto and sings a couple words, as he giggles to himself, and thinks the rest of us don’t hear him. Makes me laugh every time!!
Time
If you are reading this Ryan I would 100% not listen completely to either side. I don't like Dave Ramsey believes in whole and I also don't like what the banks are telling you and others. Really at this point with interest rates I would refinance to a 30yr mortgage and hold 100% of that cash and invest it. I wouldn't be refinancing into a bigger mortgage just one for 100k to 150k whatever you find "best for you"!!!! Take the recommendations from both sides, but make your own decision. Trust me on this when I tell you. That 100k can be a million within next 5yrs to10yrs done right. You will not get their or as quick without that cash. Just my two cents, but I have a lot of experience in this sector and like I said both sides have pieces of good information, but neither is good for everyone. Take Care
100k can be a million within next 5yrs to10yrs ??? how? risky investments maybe? not in standard mutual funds. that's exactly Dave's point. if you play with risk you will not win.
@@kelvingladwin4929 Agreed, this guy gives BAD advice. There is only one way to become rich... LIVE BELOW YOUR MEANS and invest wisely.
P.lnnn m l
I had a totally different experience: I originated my mortgage with the now defunct Countrywide in 2006, and it kept being bought over and over by various mortgage companies. When I asked for the payoff letter, they even accepted a couple of personal checks, sent a letter of loan satisfaction right away, and sent me a certified copy from the county recorder showing that the deed is transferred to me (I did order a copy from the county directly just to make sure!!!), etc. all this happened within two months!!!! They didn’t try to keep me, extend anything, etc etc. they were actually a ‘great’ lender/servicer…. House paid off in May-June 2021!!!!
Same here.
When I called my bank and told them that I wanted to pay off my mortgage, they said OK, and then they processed the transaction. I’m not sure what everyone is going on about.
He wants to keep cash in the bank because he's scared of investing or having a large emergency. He's crushing it and doesn't realize it but could be doing so much better.
I wouldn't take mortgage advice from the people who make a living SELLING YOU THE LOAN.
For a bank, money (cash) in accounts is a liability - it is someone else's money on deposit. A loan receivable is an asset - it is money that someone owes to you. So when a home loan is paid off it harms the bank's balance sheet by decreasing assets and increasing liabilities.
Interesting
Depends if it’s a loan they are just servicing or if it’s a portfolio loan on their balance sheet. The latter is more rare. Most big banks just service loans. Not lend out of their own funds .
I think you need to change your bank 😂
Doesn’t change the fact that if you invested the extra money to pay off your home early into an index fund, you’d have more money
Paid mine off in 2014! I am 67 now.
Keep the 2.5% mortgage and get that 140k in low cost index funds making you 10% compound interest. The banks might have actually been giving good advice that dave has you brain washed to ignore.
This 100%
Of course. Index funds have a guaranteed 10+% return for any foreseeable future. Nothing could ever happen to change that. It can only go up.
@@georgehouse1840 have fun locking your money in a non liquid asset because some boomer hates debt and has you brainwashed.
@@aaront936 If you're gonna reply to me, next time address what I actually wrote.
@@georgehouse1840 it’s called an average george……
Did you two really just give him advice on paying off a mortgage or investing WITHOUT ASKING THE INTEREST RATE? Baby steps say to invest 15% a year before paying off the mortgage. Are you following your own advice here?
On reflection my comment here was blunt and rude. My apologies. It just seems like someone who has a lot of extra money but hasn't followed the baby steps should try to allocate their money the way it would be if they *had* followed the baby steps. Just paying off the mortgage without considering the interest rate seems rash. What am I missing here?
You would be surprised at how if you tell a bank you need X, how willing they are to give you 2x, and even if you insist on just X. They keep trying for 2x.
“George, I think we’re geniuses.” 😂
Paying off the house, best move ever
Self employed should have bigger emergency fund. But he could easily prepay $70-90K of principal.
yep. then do a recast....
Homeboy ain't filing them taxes, is he.
This poor guy doesn't know what he earns a year? And doesn't have a clue about finances. I can see why the bank was a little concerned.
If I was him I would start paying double the principle on his mortgage, and open a Roth IRA account for retirement. invest a portion of his savings in passive ETF funds like the SP500 that have low expense ratios. 😎😎
Same, minus paying extra toward principle. We need to know his interest rate, though.
Am I the only one curious about the interest rate on his home loan? Can one of these two guys inquire about the interest rate before rushing to pay off a loan during these inflationary times.
aLl dEbT iS BaD dEbT
@@jerichorosas that's on par as the stupidest statement ever said.
@@ShawnDeLaCruz that was kind of the point
@@jerichorosas sorry, texts make it hard to detect sarcasm sometimes :)
Who cares what the interest rate is. I house mortgage is just a ball and chain, for the next 15 to 30 years get rid of the mortgage if u can
this dude is clueless
Lets review, a bank is a for profit business. Their product is......wait for it......DEBT. So yes , they have a vested interest (pardon the pun) in keeping you in debt.
After paid off mine and the extra money from mortgage I put more in 401k and it work good for me. No worry and feel good.
If it freaks you out that much pay off the item (now you own your house outright) and set aside what you'd pay for mortgage every month in a savings till you feel secure in the amount in your account again. Now you've taken action (paying off debt) and taken more steps to feel emotionally secure too (more money in the account in a few months).
Why would you ask the bank unless you had an early payment penalty on a loan which is typically not the case with mortgages.
Of course they said not to pay off your house!
He pretty lucky since he’s so clueless about finances that he’s in the position that he’s in.
Nail head strike right there! Good call ☎️
Bank-Schmank -- pay off your loan.
I'll never take advice from any bank about my mortgage or anything else honestly period.