dsanders79 wrote:I currently owe ~$169,000 @ 5.125% on my house. I have a conventional 30 year mortgage that is owned by Freddie Mac. Unfortunately the mortgage originated in July 2010 so I do not qualify for HARP. I already tried to refinance but the appraisal came in pretty low and I am underwater. Right now my plan is to put in some sweat equity, wait for the housing market to recover a bit and hope interest rates will still be low when that time comes. I have accepted that this is my probably my only course of action, but I wanted to put my situation out there to see if anyone had any ideas for me. If I had only found these forums before I purchased my house
jon-nyc wrote:At 5.125% its probably worth paying it down to get it above water in order to refinance. These days that's a pretty high rate.
dsanders79 wrote:jon-nyc wrote:At 5.125% its probably worth paying it down to get it above water in order to refinance. These days that's a pretty high rate.
I am currently planning to max my 401k this year. Should I reconsider that plan and pay down my mortgage instead (still contribute to the company match)?
I do get a little extra income from contract work that I will be throwing at the mortgage.
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