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Old 06-11-2009, 04:16 PM
 
Location: Asheville, NC
12,234 posts, read 28,339,308 times
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Even if you liked where you lived, would you sell your home to eliminate your mortgage? Then, take the equity and buy a home outright? To me, I think it's a good concept.
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Old 06-11-2009, 05:14 PM
 
Location: MN
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Yes.
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Old 06-11-2009, 05:16 PM
 
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Nope.
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Old 06-11-2009, 05:31 PM
 
Location: Summerville, SC
394 posts, read 945,354 times
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I guess it depends on your age and if you can buy a house in the same desirable location. But in this market, will you get all that you could potentially get from your home if you waited to sell in a few years?
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Old 06-11-2009, 05:35 PM
 
Location: Salem, OR
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If you have the equity to buy a decent place yes, but I'd rather have a mortgage and live where I want.
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Old 06-11-2009, 05:36 PM
 
Location: Summerville, SC
1,149 posts, read 3,926,856 times
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Would depend on what sort of house I could buy with my equity. Since we are just about to close on our first house, no, since our equity wouldn't get us very far if we had to buy outright.
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Old 06-11-2009, 05:40 PM
 
Location: Midwest
5,010 posts, read 7,788,615 times
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Quote:
Originally Posted by beckycat View Post
Even if you liked where you lived, would you sell your home to eliminate your mortgage? Then, take the equity and buy a home outright? To me, I think it's a good concept.
YES YES.

We have been discussing this for a year or more.

One, we want more space. Two, we put enough into the house and shop that we should get out more than payoff, by a fair amount. Three, that would leave us mortgageless.

We are considering a move to another area, such as IN or MI or ME, where the market has been hit harder or was never as high as where we are. There are some nice looking properties for under 100K.

What we're also wondering is should we take a mortgage on the new place, as an inflation hedge?
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Old 06-11-2009, 07:06 PM
 
Location: Lenoir/Morganton, NC
148 posts, read 546,780 times
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If I had the equity to buy a nice home right now with no mortgage, definitely.
It would be so worth it not having that extra payment, with all of the economic uncertainty right now.
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Old 06-11-2009, 07:13 PM
 
Location: Where the sun likes to shine!!
20,545 posts, read 27,511,913 times
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Absolutely. I love not having to worry about paying a mortgage and I never plan on paying another one as long as I live.
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Old 06-11-2009, 07:49 PM
 
Location: Asheville, NC
12,234 posts, read 28,339,308 times
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That's what my intentions are. Not only do I want to relocate, but I can be mortgage free. It maybe a small house, but that's fine. My kids are getting older, one is off to college in the fall and the other is 15. Now, only if my house will sell. I'm really thrilled to hear about the possible $15K tax refund as long as it goes through.

My sister is mortgage free and she says it feels great to wake up everyday knowing she doesn't have to worry about a mortgage. If I had to pay a little more and have a very small mortgage to be in a desirable area, I would, but that isn't the case here.

My main goal is to sell and not have a mortgage. I hope it works out that way.
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