New Upcycle Ideas 842
1 day ago
Saturday, February 7, 2009
This is what the broker came back with yesterday.
mortgage for 140K
3.75% for 3 years
35 year mortgage
the biweekly payments would be about $298
i don't know all the deets yet, i'm waiting for the broker to email me the agreement (i wish she would hurry up with it already!) so i can see the fine print.
depending on how much we have to pay out in fees (penalty to break the mortgage, lawyers fees, etc) this would eliminate about 75% of our debt. we would still have the LOC and part of our consolidation loan. the plan would be too add $100 dollars to every payment we make, put $300/month into savings (for house repairs, car repairs, travel, etc), and throw the rest onto the remaining debt.
thoughts?
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2 comments:
You just have to take into consideration what will happen in 3 years if the interest rates go up. Will you still be able to afford the payments if the intrest rates suddenly sky rocket? Chances are they won't but you need to be prepared.
Aside from that it's a good plan.
I'm afraid I don't know enough about mortgages to know if that's a good deal, but the numbers look pretty good, particularly if it gets you (mostly) out of debt quickly. If you can still put extra payments on the mortgage and you're comfortable with the details, I'd say it's a good plan, too.
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