Mortgage / Loan / Investment Questions & Scenario
I have a couple of questions.
Let's say for example, you're living in a house worth about 180k with zero owing on the mortgage. You have zero debt.
You want to take on a new mortgage and move to a house that's about 400k.
We can get a 10 year mortgage at 3.89% or 5 year at 3.29%
What makes the most sense?
1) Put the entire 180k down?
2) Put down 130k down, keep 50k aside for upgrades, repairs and things you want to fix (older house).
3) Put 100k down, invest 75k or so into a monthly income fund.
Or none of the above? I realize tax implications with investments - just curious if there are opinions or suggestions?
Let's say for example, you're living in a house worth about 180k with zero owing on the mortgage. You have zero debt.
You want to take on a new mortgage and move to a house that's about 400k.
We can get a 10 year mortgage at 3.89% or 5 year at 3.29%
What makes the most sense?
1) Put the entire 180k down?
2) Put down 130k down, keep 50k aside for upgrades, repairs and things you want to fix (older house).
3) Put 100k down, invest 75k or so into a monthly income fund.
Or none of the above? I realize tax implications with investments - just curious if there are opinions or suggestions?