mortgage or not to mortgage

ShelbyDoz

my mortgage is getting smaller...is it better to pay the mortgage each month and have less savings in the bank, or mortgage nearly paid off and have less actual savings ???
THANKS

ShelbyDoz

my mortgage is getting smaller...is it better to payoff as much as I can off the mortgage and have less savings in the bank or vise versa?

LadyWithAPlan

Normally it is sensible to keep a 3- 6 months living expenses so food, CT, travel, utilities etc as an emergency fund to cover you if you lost your job - and then you could look to pay down/off  the mortgage. As once that bill is gone you can free up cash for investing etc
Can you pay it down in one?

Maybe put some figures down on here  as lots of experts on here who can give more specific advice once they know your figures,

Are you charged for paying down early - many mortgages have a maximum 10% over payment? or maybe you are out of a deal?

Juan_dc

Hi, need thoughts from others. we are planning to get mortgage. is it still a good idea to get it this year? or wait until rates goes down a bit? will it take 2 years before this happens?