Ask Terry Questions house payoff

house payoff

By Terry Savage on February 21, 2024 | Housing / Real Estate

have enough cash (approx 100,000) to pay off house, its all our savings
4 kids, college starts this year, mortage finished 2030
do i pay off house or keep as rainy day fund, its in a high interest savings account. one income family. $2,000month payment

Terry Says

What is your mortgage rate?? If it’s below 5%, then wait to pay it off.
But your home equity is not counted in the FAFSA form, although your savings accounts are.
So if you are planning to file for financial aid, you might want to consider paying off your loan. On the other hand, with four kids, it’s always wise to have liquidity!!



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