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Is it smarter in today's economic climate to hold on to money in savings (in case you lose your job) or to pay off a second mortgage?

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In my opinion, I feel that it is smarter to hold onto savings with the current economic climate rather than to pay off a mortgage, especially if you lose your job. Let the savings accumulate via interests then you will be able to payoff the mortgage.

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You so don't want a second mortgage. If something happens there's no way to get that much money and unemployment only pays like 65-70% of what you use to make.

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Keep the cash. If worst comes to worst you will have living money even if you lose the house.

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