Posted on: 20th Mar, 2009 10:06 pm
my husband and i live in an 850 sq ft condo in hawaii. we have a good hh income of $200,000 and secure jobs (even now). we owe $140,000 on our condo which i believe would sell today for about $300,000. hawaii is very expensive, and right now we have the chance to buy when things are on the low side, but we don't want to sell while things are on the low side. the place we want will cost about 650,000. monthly maintenance of $500. our current mortgage rate is 5.2%. we owe absolutely nothing else and my credit score is 802. my husband's around 790. should we take out a second mortgage for the downpayment or liquidate 401k;s?
You should definately take out the second mortgage. However, before you even go there, be sure that you can rent out your current residence. I also think that maint fees of $500 is HUGE.