Posted on: 25th Dec, 2010 11:33 am
I have a freddie Mac loan @6.25 bal 287k +14k 2nd @4.25. Payment is 1871 + pptax + 2nd + ins. Appraisel prob 290-310k. Would like to refi..prop values are way down but need to lower my payment. Have 50k to throw at the refi..need to know if its smart to do that or invest the 50k otherwise. I think w/the 50k we could afford to rent it out down the road to break even on costs if needed but meantime we like it here. Would like to hang on to prop hopefully to recoup as I put 80k down to purchase in 2006.
If you have the money, in the long run, I don't think it's a bad idea. Ultimately, you'll recoup the money spent and then some.
exactly money makes more money....