AboutBruce Julien Expertise I can answer questions on and raise issues clients overlook in the areas of Estate Planning as far as taxes and distribution flow problems, Asset Management as far as appropriateness of assets and allocations for a desired goal and the value a consumer gets for their costs, Tax Planning related to Income and Estates, and Insurance/Annuity questions particularly in light of suitability to the consumer.
Experience I became a CPA in 1991 and began offering financial advice in 1992. I am a Registered Investment Advisor which means I sign off on putting clients' interests first in a fiduciary role.
Education/Credentials BA in Accounting, University of Maryland 1990
Question First, thank you for your time - it's appreciated.
I'm not sure this question has a direct answer due to the personal nature of the overall situation, but here goes:
I am refinancing in June to 4.6% ($160,000)- hypothetically, if in October, I have an additional $50,000 am I better off putting the money toward my loan, or keeping it?
If putting it toward the loan: after checking, it seems, over the life of the loan, from an total interest paid point of view, less would be spent just making a one time payment toward the balance,with the payment staying the same, rather than recasting the loan, lowering the monthly payment. What do you think? Again, thanks.
Answer Joe you are right it is kind of specific, but it is rare that most anyone would be in a rush to pay off a 4.6% tax deductible problem. I personally would milk the loan for all it is worth and invest the money anywhere else but paying down that mortgage.
You won't get this kind of loan again in your lifetime.
