In the days of paper, a mortgage burning party was a pretty big event. You’d invite the neighbors, have some drinks and light it up. Today however, in the digital age, there are no more paper mortgages really. It probably wouldn’t be as much fun watching someone’s iPad get tossed on the BBQ (or maybe it would…). But paying off the mortgage, like mortgage burning parties, may be a thing of the past, and with good reason. Paying off the mortgage may actually hurt your credit score. Strange as it may sound, it’s true. Read more about how it can happen here.
Theresa Springer’s Blog
Your Credit Score May Not Want You to Pay-Off The Mortgage
February 20, 2015