Posted on: 09th Apr, 2010 12:50 pm
do i pay 1000 on principle every month for 3 years and then refinance, or save that money for 3 years and use it to refinance?... my payment on my mortgage is too high, 1130 per month, and i have the income to pay 1000 a month on principle. my original mortgage which started dec. 2008 was 142k at 5.5% 30 year fixed and is now at 136k. i only have 5000 in cash saved.
Whether you pay extra principal or save $1,000 a month, at the end of three years you are pretty much worth the same thing and have the same amouint of money towards the next purchase.
Do NOT pay extra on the mortgage.
SAVE the $1,000 monthly.
You do not presently have enough in savings to cover emergencies. If you give the money to the bank, you can not get it back if lose a job or get ill or............................................
Do NOT pay extra on the mortgage.
SAVE the $1,000 monthly.
You do not presently have enough in savings to cover emergencies. If you give the money to the bank, you can not get it back if lose a job or get ill or............................................
Sorry, I meant refinance not sell.