2nd mortagage
pebbles396
19 years ago
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Hello - I'm about to go see a financial adviser - but thought that I would run this buy you all first since I've been lurking for a while and it seems like there is so much knowledge here.
DH and I bought a house 18 months ago. During this time we remodeled a lot, and hence spent a good chunk of change on our new abode. As a result we don't have all that much in savings despite our level of disposable income.
I'm looking at 2005 and trying to come up with a plan.
We currently have:
Our first mortgage - 5.5% intrest
Our second mortgage - 7% interest (we took an 80:10:10 approach to borrowing for our house)
Educational loans (Car Loan (4% interest) approx 10k owed
Now I'm currently thinking that since we'll be in a position to just nearly pay off our 2nd mortgage (it balloons in 15 years) that would be the best place for us to put our money rather than having tens of thousands of dollars sit in a money market.
We no longer qualify for ROTH-IRA, and I'm contributing 18% to my 401k. DH works contract so he doesn't get 401k currently however he does have several years of 401k that we do stock trading with at a high rate of success.
So it looks good on paper, but with such a large amount of money hanging in the balance here, I'm wondering if anyone else has any great ideas.
Other ideas - pay off majority of the 2nd mortgage,but throw some cash by way of our big loan.
It seems stupid to pay off our car or my educational loans since the rates are just so low.
steve_o
chelone
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