Why is it.................?

[LG17]

Originally Posted by Itsme

Never trust banks, and in my opinion close your mortgage, you really don't need it, plus you now have an asset that will cover any type of loan including a mortgage, if the needs arises again.

Should the unthinkable happen and I need to re-mortgage then it won't cost me anything to do it.

[Itsme]

Originally Posted by LG17

Should the unthinkable happen and I need to re-mortgage then it won't cost me anything to do it.

Just remember your property title is still in their hands (mortgaged), not cleared to you, something to think about against a modest loan fee.
I was thinking the same as you but decided to get the title back under our name & cleared from the Bank.

[prktkljokr]

Depending on how much you would need to borrow, the fact that you own your home any bank will throw money at you without the home as security, you have already proven yourself by paying it off, the only time you would need the mortgage again is if you were borrowing to buy another house/s.

[Citroënbender]

I’d be interested to hear PeterB-CV8’s take on this.

[Peter B - CV8]

It's the age old dilemma.... My personal feeling is to get the Bank to register their Discharge of Mortgage - so that your Title deed is clear. It's a great feeling to know that a Bank isn't part of your life anymore :-) Yes, it will cost you a couple of hundred dollars - but it's a worthwhile expense just for the peace of mind.

[Citroënbender]

What about the obligation angle; borrowers are generally supposed to inform lenders of changes to their personal situation that credit was originally predicated upon? Surely it would make redrawing difficult if one was honest about retirement…

[Peter B - CV8]

Just because the Bank might already hold a property as security doesn't mean that they don't have to carry out a complete credit assessment when you ask them for a loan.
Sometimes it can be a good idea to pay the loan balance right down, but keep it open & with access to loan redraw, if you are unsure if you'll meet the Bank's credit assessment criteria. Obviously you'd also need to know that you can meet loan repayments etc.

[FTE217]

Originally Posted by Peter B - CV8

It's the age old dilemma.... My personal feeling is to get the Bank to register their Discharge of Mortgage - so that your Title deed is clear. It's a great feeling to know that a Bank isn't part of your life anymore :-) Yes, it will cost you a couple of hundred dollars - but it's a worthwhile expense just for the peace of mind.

yep here here, I actually told my wife over the years lets keep the mortgage open for the ease of borrowing or investing or whatever - in time she said I'd like to finally have OUR title for ourselves its our badge of honour and I got to agree its a wonderful feeling.
I really don't see what gain there is keeping the acc open ?
Your cashed up, no debt, easy as **** if I like to open another loan with ease.

[Interceptor]

Why is it......

That owners management of long established businesses think its acceptable to say "We've been doing this for xx years, we know better than you" when an employee identifies issues & raises concerns?

That management will accept what at best is mediocre performance from employees, overload the few employees they have that are actually fighting to keep the place afloat, then complain about poor performance?

[FTE217]

Originally Posted by Interceptor

Why is it......

That owners management of long established businesses think its acceptable to say "We've been doing this for xx years, we know better than you" when an employee identifies issues & raises concerns?

That management will accept what at best is mediocre performance from employees, overload the few employees they have that are actually fighting to keep the place afloat, then complain about poor performance?

I suspect what type of company your applying this to ?
Public or private, so many factors come into this but I know what you mean.
Like the ol term, my way or the highway as well.
I'm not listenning, well that all comes down what style of appraoch and outlook the fish's head has.
IF you don't value good employees input it just recycle and rinse outlook.

[DFB FGXR6]

Originally Posted by Interceptor

Why is it......

That owners management of long established businesses think its acceptable to say "We've been doing this for xx years, we know better than you" when an employee identifies issues & raises concerns?

That management will accept what at best is mediocre performance from employees, overload the few employees they have that are actually fighting to keep the place afloat, then complain about poor performance?

I'm currently observing this at the moment. A recent crackdown on the productivity of a few select employees, completely at odds to managements lack of productivity. Remember, just because you show up and stay on the premises longer every day, that doesn't necessarily mean you are working harder or more efficiently than others.

And guess who is the overloaded in this scenario? And guess who has to listen to the complaints so and so isn't working hard enough, then wanting to highlight the subject of daily chit chat at the counter over coffee every morning is a waste of 45 - 60 minutes. Or doing trivial jobs over more pressing concerns. I could go on and on but................

[AMB]

Originally Posted by DFB FGXR6

.... completely at odds to managements lack of productivity. Remember, just because you show up and stay on the premises longer every day,..................

Seen many managers like that over the years. Yeah they work long hours, because they spend half the day on the phone, then have to catch up on the real work.

[DFB FGXR6]

Originally Posted by AMB

Seen many managers like that over the years. Yeah they work long hours, because they spend half the day on the phone, then have to catch up on the real work.

..............or staring out the window critiquing others, running round in circles all day, taking personal calls during work hours, making small talk with family members, over complicating simple tasks....................