I fixed the heat and I liked it

[ailbhe]

It's all warm now. I R Genius. The children are warm and I've cooked them breakfast and lunch, done a load of laundry and a load in the dishwasher, added the meat and hot water to the slow-cooker full of veg Rob prepped last night, et cetera et cetera et cetera. I even tidied the kids' room, which will just show you how motivating heat can be.

I'm still trying to decide whether to call the bank and change our mortgage to reduce the payment and extend the term. We did get it with the specific backup plan of extending the term if we ever needed to; I can't decide whether now is that time.

Comments

[clanwilliam.livejournal.com]

Unless you're in severe difficulty, I wouldn't. Pay off as much as you can while interest rates are low. There may be a point at which rates go a *lot* higher, which is when you'd want the option to be able to reduce capital payments. And the more you pay off now, the less interest you'll have to pay when rates rise again.

[the0lady.livejournal.com]

What she said. Unless and until you actually can't meet your existing mortgage payments, your priority should be to pay off as much as you can as quickly as you can, speed being of the essence not just because interest rates are currently low, but also because it will reduce the overall amount of debt.

With interest rates and oil prices so low, it's inlikely that you are ignificantly more cash poor than this time last year, anyway, so why now?