Close mortgage account?

Hi,

Not sure what to do. After paying our place off early a few years ago (took a 30 year loan and paid it in 10), wondering if to close the account early or not. It does have a redraw feature but don't need it.

Is there any risks in keeping the property under a "Mortgage and Broker Originator/lender?"

They have been around for a while but still not a big/known company.

When we started the loan, the interest rate was well below the big banks but today their rate is 9.47% which seems high. The loan has no ongoing fees and redraw etc but still seems odd to me being so high now.

A reason to keep it open is because I would need a place to store the mortgage papers but wondering if I'd be better just to close it.

Where do you store them?

Cheers.

Can it.

Put them in a safety deposit box or your safe.

You can un lock equity if you need it through any institution.
Those rates are ridiculous.

tech/a said:

Can it.
Those rates are ridiculous.

Click to expand...

Thanks Tech.

Yeah, fortunately when we had a balance on it the rates were good. It's just been the last 2 years I've watched their the rate go above and beyond.

Cheers.