If your goal is to pay off your mortgage early or reduce the amount of interest you're paying over the life of your loan, you may be better off making extra payments to your principal than starting over with a new loan. A new loan may require paying mortgage fees all over again, and...
you'll still owe income tax on any amount you (and your spouse) withdraw. Also, that $10,000 is a lifetime limit. You won't get to use the first-time homebuyer provision again to buy a home, even if you use a different IRA.7 ...
Additionally,real estate is an illiquid asset, so if you pay off your mortgage and experience some kind of financial emergency, having all your cash tied up in your home and none on hand could put you in a tough spot. Yes, you need to be able to qualify for a mortgage to tap your ...