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October 03, 2008

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Be mortgage-free?

Paying off a fixed-rate mortgage early is the stupidest damn thing a person can do. Note I said "fixed rate" and there will be more specific and personal cases where it might make sense, but let's look at two economic examples.

Ex. 1, hyperinflation: Make the payments LATER with dollars that are worth LESS. If you need to put the cash into assets, then use it to buy OTHER real estate on money-down, fixed-rate mortgages.

Ex. 2, rapidly falling home prices. You want to pay THAT off early? Having a mortgage means having the cash (more valuable in terms of the real estate it would buy) and the option of defaulting. Paying it off means not having the cash and having a falling asset.

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Hello fellow blogger, we could not find your email, so we hope this comment reaches you. StockBlogHub wants quality investing bloggers to join us for: revenue sharing, and proven traffic. We can process posts from your RSS feed or you can post manually. You earn money, get traffic, and control your content - Your content remains unchanged. We are assembling a focused group of content providers to execute a deal with major financial publishers for significant syndication. Please visit now to learn who we are and how we do it: http://www.stockbloghub.com/contacting-publishers

Bill: I can see it both ways, but that's just one of all Watsa said. And so much of this debate (whether to pay off your mortgage) gets played and replayed on finance blogs that there's nothing I can add. I think it may come down to a person's mindset, but I don't know.

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