50k savings and a mortgage. Best use?
Wanted to get advice on extra cash flow that has been accumulating over the past years. I have a really high mortgage 600 out of the 680 purchase price.
I also have 50k in savings. My bank alots a certain percentage go be paid I believe year end.
Should I throw the savings into the mortgage and lower it?
Or should I use the money elsewhere to invest ? Purchase another property perhaps and flip somewhere down the line?
Or use the funds to invest in mutual funds or tfsa ?
Basically I'd like to have this mortgage paid off asap but not sure if it makes sense to pay it off using these savings or use this money for the other options mentioned above.
Any advice will be greatly appreciated.