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Pay off SBA or transfer to new property?
Posted on 12/27/12 at 9:34 pm
Posted on 12/27/12 at 9:34 pm
We have sold our house and are in the midst of building. We got a SBA loan after Katrina that we used to help us buy the property we are currently building on. The rate was 2.6% for 30 years and we pay $178 a month. We did clear with them that it was transferrable before using it to purchase.
My question is should we just transfer the SBA loan to the property and use the profit on the sale of our house to pay down the construction loan (rate is 4%) or pay off the balance of the SBA?
My question is should we just transfer the SBA loan to the property and use the profit on the sale of our house to pay down the construction loan (rate is 4%) or pay off the balance of the SBA?
1
Posted on 12/27/12 at 10:41 pm to CWilken21
Why pay off the loan with a lower interest rate? Put the proceeds towards the higher rate loan.
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