Is it better to clear down a home equity string of credit or mortgage first?
We have a mortgage that has something like $250K left on it. We also have a HELOC explicitly $70K. We have an investment that is immediately ours worth $20K. Is it better to put that against the mortgage or the HELOC. The mortgage is 6%, the HELOC is 6.75%. On the HELOC, we are right now doing interest only. If we use it towards the mortgage, we could muffle the principal so more of our monthly payment goes to principal short changing our current payment that we are comforable near.
"> The HELOC has a higher interest rate, so the money is more trimly used paying off a portion of the HELOC. Put it towards the HELOC, but continue to settle up what you are paying now, which will begin to stifle the principal on that loan and save more money.
pay down the one next to the higher interrest rate.
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"> The HELOC has a higher interest rate, so the money is more trimly used paying off a portion of the HELOC. Put it towards the HELOC, but continue to settle up what you are paying now, which will begin to stifle the principal on that loan and save more money.
pay down the one next to the higher interrest rate.
Related Questions:
If I own just this minute be added to a achievement and mortgage on an home owned by my mom, can I claim loss Taxes?
When I file for IRS tax, can I subtract the real estate taxes and interest for the entire year of 2007 even though I was added to the mortgage...