Ask Stacy: Should I Pay Off the House?

You have sufficient savings to pay off the mortgage and own your home free and clear. But is it better to have no debt, or a fat savings account?

Ask Stacy: Should I Pay Off the House? Photo by wavebreakmedia / Shutterstock.com

Welcome to “Ask Stacy,” a short video feature answering money questions submitted by readers and viewers. You can learn how to send in a question of your own below.

If you’re not typically a video watcher, give it a try. These are short and painless, and you’ll learn something valuable.

Today’s question is about your mortgage; specifically, whether you’re better off getting rid of it or leaving it alone and keeping a hefty cash cushion instead.

This is a question I’ve been pondering personally. I have a small mortgage, but especially because of the new tax law, I’m thinking of paying it off. Should you do the same? Here’s what I think.

For more information on this topic, check out “Should I Pay Off My House or Invest?” and “7 Painless Ways to Pay Off Your Mortgage Years Earlier.” You can also use the search tool above, put in “real estate” and find a lot more information.

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The questions I’m likeliest to answer are those that will interest other readers. In other words, don’t ask for super-specific advice that applies only to you. And if I don’t get to your question, promise not to hate me. I do my best, but I get a lot more questions than I have time to answer.

About me

I founded Money Talks News in 1991. I’m a CPA, and have also earned licenses in stocks, commodities, options principal, mutual funds, life insurance, securities supervisor and real estate.

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