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re: IRRL Advice

Posted on 7/16/19 at 9:19 pm to
Posted by Dawgfanman
Member since Jun 2015
22788 posts
Posted on 7/16/19 at 9:19 pm to
Doing this in 2006 is how I got stuck owning a home I couldn’t sell for what I owed in 2008. Not that I think the housing market will tank like that again, but have no equity is not good.
Posted by Gusoline
Jacksonville, NC
Member since Dec 2013
7773 posts
Posted on 7/17/19 at 7:54 am to
I agree. I dont know why I didn't put it together. They usually sell it in the letter as " take an extra $24876 for only $100/month" and I was thinking it would be separate for some reason.

The market rose about 4-5% after hurricane florence and its still unclear if thing are going to hold at new values or go back down.

Getting that car payment out of the budget is pretty dang tempting but i only have about 30 more months of payments so I may just put a little more emphasis on saving and try to pay it off in 12-18.
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