Quote:
Originally Posted by RickFLM4
What do you mean by "(always good to have revolving credit)"? I would think that once you made that paydown, the mortgage is paid down (recast or not) and the money is gone.
You should be able to refi to a lower rate in a couple of years after the recession.
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Having a line of credit open that you are consistently paying on time helps your credit. I'm sure it's a wash with not having any mortgage payment at all but that's where we're at.
Quote:
Originally Posted by billnchristy
How about slowly feeding 50-100k in extra principle over the next couple years and then refi when things recover with the remaining. If you play it right that 100k could be significantly more though I would be wary of calling any investment safe at this point.
You'll eat the extra interest until things clear up but you'll be in a better place and will have paid off several years worth.
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We're looking at all our options. Just sucks paying $16xx a month vs $6xx a month because multiple people at the bank told you you can do something you can't.
Trust me if it was just me making decisions I'd have yolo'd $100k into some stocks but I have to appease the wifey.