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Northern CA | One problem with paying off current mortgages is that the buying power of the cash is reduced. Farm Credit likes to only loan 60% of appraised value. So, let's say you have $100,000 saved up for a down payment. You pay down your current mortgage. Next year, the farm you want to buy comes up. You now can only borrow back maybe $60-65,000 of your original $100,000. Something to think about as I have been opposite of you, paying off debt maybe too quickly... if there is such a thing, and I am starting to think there is. | |
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