to mortgage or not to mortgage?

[mobby]

I don't think its a good idea to mortgage to payoff quickly

[myself]

Originally Posted by JustDoIt

...
She is charged a higher interest for not having a debt history on file. She is essentially being punished for becoming self-reliant and not carrying debt.

Our dependence on FICO is contributing in a BIG WAY to a culture dependent on loans!
...
/soap box

I have to disagree. A FICO score can be built up, without having to pay interest. For example, getting a rewards card(s) to pay for everything, but paying it in full would show a long line of paying on-time, and the lender will most likely raise the credit limit on the card(s). Thus, a long term credit history (in time), and a large amount of credit limit.

If she pays in full every month, she won't be carrying debt either, and will get her rewards at the same time. I can't think of anyone that tries to talk someone down in price for such things as gas, groceries, utilities, etc. So all of that could be put onto the reward card every month automatically, unless of course there is a fee associated with it.

[disneysteve]

Originally Posted by myself

So all of that could be put onto the reward card every month automatically, unless of course there is a fee associated with it.

I wouldn't even rule out reward cards that do have annual fees. Some of them give you nice perks that are more than worth the fee. For example, my Marriott card has a $65 annual fee, but once a year, I get a certificate good for a free night at a category 1 through 5 hotel. A night at a category 5 Marriott runs between $250 and $300. I'm quite happy to be able to do a little weekend getaway with my wife at a luxury hotel for $65. This year, we spent the night at a Renaissance hotel just outside of Manhattan. They even threw in free breakfast the next morning.

[myself]

Originally Posted by disneysteve

I wouldn't even rule out reward cards that do have annual fees. Some of them give you nice perks that are more than worth the fee.

I agree 100%.