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Financing -- Loans/House vs. Investment?

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Question
Hello,
I owe approximately $90,000 on a condo I recently bought at 2.5 %  interest, 30 year fixed rate. I am in a position to reduce the principal by $8,000 immediately or invest elsewhere.

Which would be the wiser choice and why?

Thanks,

J.

Answer
Joel,

I would invest somewhere else and not put it on my mortgage. What I would do in regard to the mortgage is; take your payment and divide it by 12 and take that number plus $50 and apply it to your mortgage principal every month. If you do that you will pay off your mortgage approximately 7 years faster.

Good luck.....

Bobbi Buehl
Sr. Loan Officer

Financing -- Loans

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Bobbi Buehl

Expertise

Home mortgages is my expertise

Experience

Experience in the area 15 years Organizations Mortgage Brokerage Education/Credentials BS in Chemical Engineering, BA in Sales and Marketing. Licensed Loan Officer for 6 years and I have worked as a Loan Officer for 15 years.

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