I have never been late on a payment to anything. My FICO is 768. I bought a $99K house last year with a bridge loan for $40K; now the loan is due. I want to just pay it off and have no house payments. I have $20K in a CD (which is up now, too) and $20K in stocks that I can cash in. The big drawback to any of this is as follows: I don't make much money and I have about $18K in credit card debt to 1 account. Should I just pay off the house? And keep whittling away at my credit card debt? What should I do?
credit cards first! The mortgage is actually 'helping' you (tax wise and on your CRs) Make 1 extra payment every year doing that takes a 30 year mortgage to 22.7 or so. If you can (while the loan is young) make 2 payments each month: the first a 'normal' payment, the second the next month's principal only. basically same effect - shortens how long you will have to pay.
Now a member of the UNOFFICIAL 700 Club - Plus scores of 734-734-747