mortgage is below $10,000
Question: Our mortgage is below $10,000 and we are paying 10.7% interest. What is the best (and quickest) way to pay off our mortgage?
Suggestions….. ?????
Responses are appreciated.
Answer: I think you could take out a home equity loan and pay it off. Providing that the H.E. loan rate is less than that current rate you’re paying, otherwise, there’s no advantage.
Then you can pay as much as possible each month to pay off the h.e. loan. (i.e., the difference between your current monthly payment and the new monthly payment would be paid as additional principal only, reducing the interest cost for the remaining periods).
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