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In Canada we are not subject to capital gains tax when selling a principal residence, so it is always best to pay the mortgage off ASAP.

In the States, I do not think there is that same capital gain exemption, but the only reason why I would not pay off my mortgage ASAP is that the interest is tax deductible.

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We are making our way through the condition process on our purchase.  Things are going well.  One thing showed up on the septic inspection and one thing on the house inspection.  Neither are deal breakers, but after talking with a neighbour who just happens to be a septic system engineer I feel a lot calmer about the whole situation.  We are going to sit down and talk about it, but we will likely make an amendment to the deal and split the repair amounts 50/50.  Our condition day is Wednesday the 24th and they will all be met.

We are getting there.

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4 hours ago, matter2003 said:

Also some of the WORST advice people give is to pay off the mortgage early...DO NOT DO THIS!! Its a fools errand...on average the market returns 8% a year. If you take this extra money you could be investing and use it to pay down the mortgage you are giving up the difference between 8% and your mortgage rate AND the compound interest you would be earning on top of it. Your goal with money should be to maximize your long term worth and you will NEVER do this by paying off low interest things early at the expense of investing that money into higher earning interest things.

 

If you are  a younger person this is sound advice.  As you get closer to retirement, you tend to get more conservative in your investments (or at least you should).  I'm 57 and retired.  My goal is to have Social Security (at age 70) and a modest pension from the government pay for all my monthly expenses.  Both of these income sources are inflation protected.  Therefore, since I have an excess in my 401(k) now, I will use it to pay off the principle in my house to be debt free in retirement and ensure my lifestyle until I die or the Sabres win the Cup (whichever comes first).  This also eliminates the RMD hassle at 70 1/2 and keeps my social security money from becoming taxable.  My wife and I have no kids so we are not concerned about leaving anyone any money (novel concept, no?).  There is great peace of mind (OT: great Boston song) in this strategy knowing my wife and I will have financial security for life.  (And yes, I do have an HSA, Long Term care Insurance and Roth IRAs that will protect and pay for any medical expenses in retirement.

Bottom line, good advice from @matter2003 but realize that your strategy may change as you approach retirement. 

Edited by Tondas

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On 3/21/2019 at 6:46 PM, Wyldnwoody44 said:

Finally getting my travel wall together, it's been a month in the works, prolly about 250$ spent so far, I still have some things to fill out, thinking of doing an 18x18 compass decal in the bottom left with a saying, idk what yet. Then maybe 15-20 more frames and pics and I think it'll be set. 

Did you finally finish this? As it looks great! 

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2 hours ago, The Jokeman said:

Did you finally finish this? As it looks great! 

Thanks! I'm still putting the finishing touches up on it 

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On 4/20/2019 at 2:58 PM, Tondas said:

If you are  a younger person this is sound advice.

Also it's only sound advice if you're going to actually invest the money.

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An update ...

You guys and gals should be watching for a news headline ...

*Mr. and Mrs. NS arrested for the murder of real estate agent*

That's all.

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Oh that sucks.

Things worked out for us, but we definitely had our doubts about the agents were were working with as we worked through the process.

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3 hours ago, Doohickie said:

Oh that sucks.

Things worked out for us, but we definitely had our doubts about the agents were were working with as we worked through the process.

We don't have time to deal with BS, especially since the Canadian tax deadline is a few days away.

There is an issue with the septic inspection that we will be able to work out with the sellers, in spite of both agents.

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