Quote:
Originally Posted by vintageogauge
I don't know how long you have had your current mortgage but if you re-finance you'll be starting all over paying mostly interest and very little on your principal.
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Having sold my long-owned home last fall, and yet to purchase in TV, I currently have no mortgage.
As to building equity because of paying mostly interest instead of it going to principal, at this age and stage of life - I'm curious as to why some people think it matters? If someone is determined to maximize what their heirs will receive (ie: increased equity in existing home), maybe then it would be a concern I suppose. That being based on the hope that the house equity outperforms the extra 6 figures a person would have in the bank, that could be invested in a number of ways.