Originally Posted by
snuffaluffagus
Thank you all kindly for your replies :-).
I was wondering if it was somehow more beneficial to double up on payments now using my savings as opposed to putting down a lump sum when it's time to renew my mortgage. So there is no difference other than I have emergency money available should the need arise if I wait until Oct., 2013?
Thankfully, I have absolutely no problems at all not spending money on items we don't physically need ie. vacations, dinners out, new furniture/clothes, etc. As a family, we don't find happiness nor security in any of that so we don't feel we're missing out on anything :-). My only mistake was that when we purchased this home, we didn't take into account the fact that one of us could fall ill or lose our employment (which is exactly what happened only months after moving). While I can manage all the payments on my salary, it's extremely tight. I still manage to put aside a few $$ here and there...I just felt like I should be doing something with it right now as opposed to watching and waiting.