| Real estate question... |
Subject: Real estate question... by CentralCoaster on 2008/2/9 8:07:25 Is there any benefit to paying extra toward a mortgage these days in a flat market? I have an interest only 80% at 5.5% (5 yr fixed) and a 20% loan that's 30-yr fixed at 8.5%. The 8.5% is my highest rate debt by far. Everything else is at 2%, and I can earn more than that by saving it. But am I wasting my time paying extra towards the 8.5% loan? My house is already worth less than I have in it due to the slumping market. I'll have to refinance some time in the next 4 years regardless, but it's not like I'm gonna get out out of paying the loan balance. I have to sooner or later. I really don't have anything else to spend my money on. I'm saving towards some home remodels but I've got that mostly paid for and haven't even started yet because I'm lazy. Your thoughts?  |
