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re: Home Equity question
Posted on 8/2/13 at 11:56 am to RandySavage
Posted on 8/2/13 at 11:56 am to RandySavage
quote:
make more sense to put it all toward the principal on my current house thus reducing the interest I will pay over the next 4-5 years at higher rate than it will earn sitting in a savings account?
It won't reduce the interest that you would pay as it is already figured into your monthly payments over the life of your loan.
It would if you were planning on completely paying off the house early, as you would not have anymore payments once you paid off the principal.
Maybe I'm looking at it wrong
1
Posted on 8/2/13 at 12:00 pm to Lsut81
Yes, it would reduce the principal and the interest will be less.
My question is, do you have an emergency fund other than the money you are saving for a down payment?
When you sell your current house, you will have to close on it first to get your equity from it to take to your closing on your new place. People do it all the time.
My question is, do you have an emergency fund other than the money you are saving for a down payment?
When you sell your current house, you will have to close on it first to get your equity from it to take to your closing on your new place. People do it all the time.
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