I2RIDEHD had some excellent advice. Other questions you need to consider are 1) what mortgage rates are available compared to the current rate of return in a safer investments such as a bank CD 2) How important is the deductability of the mortgage for you. In the states where I was from, the high state income tax made seeking a mortgage and property tax deduction almost seem necessary. Here in Florida, there is no income tax. The standard deduction may be close to or greater than what you would get itemizing. 3) How risk adverse are you. Are you willing to put your money at risk while paying off a mortgage. Unless you can look into the future, there are really no right or wrong answers to these questions. I suggest you do whatever helps you sleep better at night.
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