Comments on: Using GICs As Part Of Our Mortgage Payoff Plans https://modernfimily.com/using-gics-as-part-of-our-mortgage-payoff-plans/?utm_source=rss&utm_medium=rss&utm_campaign=using-gics-as-part-of-our-mortgage-payoff-plans Helping other families and individuals reach financially Independence Mon, 07 Nov 2022 05:06:12 +0000 hourly 1 https://wordpress.org/?v=6.5.3 By: Court and Nic https://modernfimily.com/using-gics-as-part-of-our-mortgage-payoff-plans/#comment-4994 Mon, 07 Nov 2022 05:06:12 +0000 https://modernfimily.com/?p=4755#comment-4994 In reply to Bob Wen.

Totally agree! We do not want to carry debt into retirement so having a plan to have it all paid off in 3 years is very comforting for us. Not worth the extra pennies in our books too

]]> By: Court and Nic https://modernfimily.com/using-gics-as-part-of-our-mortgage-payoff-plans/#comment-4993 Mon, 07 Nov 2022 05:05:14 +0000 https://modernfimily.com/?p=4755#comment-4993 In reply to Robert.

It’s always nice to be able to toggle between – should I send this extra payment to our investments or to the mortgage? Either way is a total win in my books, one may win from the mathematical side, one may win from the psychological side.

]]> By: Court and Nic https://modernfimily.com/using-gics-as-part-of-our-mortgage-payoff-plans/#comment-4992 Mon, 07 Nov 2022 05:03:42 +0000 https://modernfimily.com/?p=4755#comment-4992 In reply to Cass.

Just trying to keep the brain sharp over here! 😉

The continued increase to variable rates is definitely scary! Hoping it all calms down soon enough

]]> By: Quarterly Net Worth: Q3 2022 – Loonie.com https://modernfimily.com/using-gics-as-part-of-our-mortgage-payoff-plans/#comment-4960 Thu, 03 Nov 2022 13:55:13 +0000 https://modernfimily.com/?p=4755#comment-4960 […] mentioned in a post a few weeks ago, we set up a GIC ladder to arbitrage our low mortgage rate vs current GICs rates over the next 3 […]

]]> By: Bob Wen https://modernfimily.com/using-gics-as-part-of-our-mortgage-payoff-plans/#comment-4936 Sat, 29 Oct 2022 02:46:21 +0000 https://modernfimily.com/?p=4755#comment-4936 I think this is an excellent strategy.

The peace of mind you get from knowing your mortgage is covered, or better still
gone, is worth every penny you might have made, but didn’t.

]]> By: Robert https://modernfimily.com/using-gics-as-part-of-our-mortgage-payoff-plans/#comment-4886 Thu, 20 Oct 2022 14:50:30 +0000 https://modernfimily.com/?p=4755#comment-4886 Thanks for sharing! We did something different but similar recently. For past 8 years we had bumped our mortgage payment from $2100 to $3500/mo to pay it off more aggressively. In retrospect we’d have been a lot further ahead (net worth wise) if that extra $1400/mo was invested rather than diverted to mortgage. We recently switched that back, so paying the $2100/mo to mortgage and investing the $1400/mo. Despite the mathematics, we don’t mind having lost out on investment gains because it’s also nice having a lower remaining mortgage, but for now we’ve opted to seek the higher gains at the expense of the accelerated mortgage payoff.

]]> By: Cass https://modernfimily.com/using-gics-as-part-of-our-mortgage-payoff-plans/#comment-4885 Thu, 20 Oct 2022 14:24:45 +0000 https://modernfimily.com/?p=4755#comment-4885 Awesome! You’re such a clever bunch.
We have no mortgage wins to report at the moment, having 2 variable rate mortgages that are increasing increasing increasing. Probably time for us to sit down and nerd out on sheets to make up a new and improved plan!

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