My Bank Is Telling Me NOT To Pay Off My House!

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[carlosgarcia-jzdq]

I always call my bank for their advise, then I do exactly the opposite of whatever they suggest, it always works out great!

[theelephant]

The first time I called the bank to ask about paying off my mortgage they said, "you know you are eligible for additional loan based on your home equity..." 🤣

[lancevance]

When I paid off mine they acted like a bitter ex-girlfriend. Just gave me a sheet of paper that said loan paid and said bye

[caseyporter]

It’s like warren Buffett always says “don’t ask an insurance salesman if you need insurance”

[ZacharyBuhler]

As soon as you start taking advice from a bank (who’s only interest is to keep you indebted to them) then you have already failed.

[waterbottle]

Of course a bank would say that, they want to make more money on the interest.

[deborahblackvideoediting]

Way back in 1977, my parents bought a modest home. We did not have a big income, but my mom was excellent at budgeting, and handled all the finances. One Christmas, after living there for a little over 5 years, my dad opened a package from my mom and inside was a paper stating that our mortgage had been paid in full. Boy was he shocked!! Mom had made double-payments every chance she could, as well as additional annual payments. It's a really good thing she did. In the early 80s, mortgage rates went berserk in Canada - to over 20%!! A lot of good people who had never missed a single payment on their mortgage were either foreclosed on, or forced to sell their homes for next to nothing. If my mother hadn't worked so hard to pay off the mortgage, we would have been in the same boat. Anyhow, it pays to pay-off your mortgage as soon as possible!!

[ryanhansen]

When we paid off my wife’s student loans they fully said the same thing. They said it wouldn’t make any difference paying off that day or going there full term. I knew better and we saved all that interest by paying that day.

[j.mney]

Don’t ask your bank for financial advice 😂

[seanbarnes]

Wow, this makes me realize how much banks must hate Dave Ramsey. Praying for him.

[ThePeterDislikeShow]

Pretty sure the local burglars will tell you not to install a security system.

[RichWomack]

The difference between what that 140K is making and the 120K is costing should be motivation enough. Write that check and then keep paying that mortgage payment back to your savings account!

[colincopeland]

I was told this same bs two years ago. That this would be the stupidest decision I ever made. Paying it off on the 14th...

[anthonys]

My Bank won’t even tell me the balance unless I pry it out of them! It pisses me off to the point of wanting to get rid of the mortgage ASAP!!

[serena]

I walked into my bank and paid off my home loan 13 years early. Bank didn’t like it they wanted all that interest. But I wanted that interest money even more then they did👍🏻🤪 If you have even one payment left on your home and you do not pay it the bank can foreclosure on your home. A note of caution here please make sure if you do this your bank does not have a prepayment penalty on your loan. Never take out loans with a prepayment penalty on them.

[izzyp]

Something tells me what he makes and what he reports are two very diff numbers.

[TheRealMEEDABEE]

Caller: I want to pay off my house
Bank: Nah, that's a bad idea
Caller: Why
Bank: We want to take your money I mean we want to steal your money sorry I mean we want you to overpay I mean we want your money I mean sorry I mean we want to take your money I mea

[jonathankahuna]

The guy should probably know how much he makes a year before he uses most of his savings to pay off the house. Even if paid 100K of the mortgage and then crunched his numbers before knocking out the last 20K I think it would make more sense.

[yoddy]

I dont buy that "I dont know what I bring home a year" excuse. He's got 140k in cash for a reason.

[Airflyte]

They know he has cash and want him to talk to their “financial advisor”. That way they have his mortgage and the interest he pays AND his extra cash.