Should how to get rid of ants in the house naturally you pay off your second mortgage early – Cash Money Life

Second mortgages are a lot more common now than they how to get rid of ants in the house naturally were just a few years ago. There are several reasons for this – many people took out a second mortgage to make home how to get rid of ants in the house naturally improvements, consolidate their debt, or because they purchased their house with a small down how to get rid of ants in the house naturally payment and wanted to avoid private mortgage insurance (PMI).

Thanks for the question. There are several considerations – the interest you are currently paying, how much your savings is earning, what else you may need the money for, taxes, and peace of mind. Financially, paying off the mortgage is the clear choice

The numbers don’t lie, and financially, paying the mortgage off makes sense by the numbers: not paying 7.855% interest beats earning 1.9% interest every day of the week. In addition, you get a $500 bonus as part of your lender’s promotion. Score!

The lifetime cost of the second mortgage is over $80,000! ($223 * 12 * 30 = $80,280). I’m not sure how much of your second mortgage you how to get rid of ants in the house naturally have already paid, but paying off your mortgage now could save you close how to get rid of ants in the house naturally to $50,000, most of which is interest.

How much interest are you paying? Try this quick exercise to see how much of your how to get rid of ants in the house naturally debt payment is actually going straight to interest each month, and how little is actually paying off the principle. Tax considerations of paying off your mortgage early

You can usually write off mortgage interest as a tax how to get rid of ants in the house naturally deduction, but honestly, the tax savings on the interest you are paying each how to get rid of ants in the house naturally month would be negligible compared to the interest savings of how to get rid of ants in the house naturally paying off your mortgage, plus the $500 bonus. It also doesn’t make much financial sense to continue paying money, just to save money. This is really a non-factor and shouldn’t affect your decision. What else will you need the money for?

This is a big one. $70,000 is a nice chunk of cash, and it is probably enough to make you feel very how to get rid of ants in the house naturally comfortable in your financial situation (assuming your mortgage debt is your only debt and you how to get rid of ants in the house naturally aren’t drawing on that $70k each month to meet expenses).

How big should your emergency fund be? That depends on your lifestyle, job security, risk tolerance, and many other factors. Many “financial experts” recommend 3-6 months of living expenses. If you kill that second mortgage in one fell swoop how to get rid of ants in the house naturally you will have roughly $40,000 left in your savings. If that still covers your emergency fund and any other how to get rid of ants in the house naturally major expenses you are expecting, then it might not be a bad idea to consider how to get rid of ants in the house naturally doing it – from a numbers standpoint.

I have a first mortgage with a balance of 200,000 and a 2nd mortgage with a balance of 50,000. The interest rate on the first is 5.8 and on the 2nd mortgage it is 8.75. We really want to do something about the 2nd mortgage how to get rid of ants in the house naturally as the rate is so much higher and we’ve come to find out it was an “interest only loan” which we were absolutely not aware of, we thought it was a typical 2nd mortgage. We have been paying on the 2nd mortgage for 3.5 years and we have only shaved off barely 1000 how to get rid of ants in the house naturally dollars. Can you refinance just a 2nd mortgage? Are there companies that do that? I don’t think we can combine both as the housing market how to get rid of ants in the house naturally has taken such a fall and I do not think how to get rid of ants in the house naturally our home would appraise high enough and we would end how to get rid of ants in the house naturally up with PMI. Any suggestions? I feel like we are just throwing money away every how to get rid of ants in the house naturally month as the balance is going no where and the how to get rid of ants in the house naturally rate is way to high! Are personal loans available with better rates that we might how to get rid of ants in the house naturally be able to get and have a much better interest how to get rid of ants in the house naturally rate? Our credit scores are in the high 700’s. Thanks so much in advance for your response!

I have a rental property, on which i have a first mortgage of 517K, and a HELOC of 250K. The house is currently valued at 700K. I have an interest rate of 5.25% 5/1 arm on my first. My heloc is at 3.25%. I secured the 5.25% on the first mortgage when it was still my primary how to get rid of ants in the house naturally home. The 5 years on the 5/1 arm is due for the first interest rate adjustment how to get rid of ants in the house naturally in nov 2013. Since the interest rates are very low right now, i want to refinance my first mortgage, I cannot do that, because i have an HELOC of 250K out of which how to get rid of ants in the house naturally i owe 225K. I have emergency savings of about 85K. I am planning to pay of the 225K in the how to get rid of ants in the house naturally heloc, with about 100K coming form stock option sales (I am in the 40% tax bracket, including the 11% state tax bracket), which means i need to sell about 150K worth of how to get rid of ants in the house naturally stock options to get 100K. Another 100K form money borrowed form mine and my wives how to get rid of ants in the house naturally 401K (50K each). And 25K form my emergency funds. All this in a hope to secure may be 4% on a 5/1 arm or a 5% on a 30 yr fixed on my first mortgage. Is it worth doing this?. Thanks.

I recommend sitting down for a few hours and mapping how to get rid of ants in the house naturally out your financial plan and your current financial situation, then determining if maintaining another property fits in with your how to get rid of ants in the house naturally long term financial goals. If it does and you can afford to maintain the how to get rid of ants in the house naturally negative cash flow on a rental without harming your financial how to get rid of ants in the house naturally goals, then you may be able to make a case for how to get rid of ants in the house naturally keeping the other property. But if keeping the other property doesn’t fit in with your goals or it would make how to get rid of ants in the house naturally things too difficult in an emergency, then you may need to reevaluate your plans.

An option that might be less risky is to keep how to get rid of ants in the house naturally the current house and rent it out, while covering the difference from your cash reserves or current how to get rid of ants in the house naturally income. Then rent a home for your personal use instead of how to get rid of ants in the house naturally buying a new home right away. This will give you more financial flexibility in the long how to get rid of ants in the house naturally run because it is usually much easier to scale down how to get rid of ants in the house naturally from a rental than it is with a home (as you have seen with your current home). This will give you time to evaluate the effect of how to get rid of ants in the house naturally the negative cash flow caused by renting your home for how to get rid of ants in the house naturally a loss, and possibly give you more time to build a larger how to get rid of ants in the house naturally cash reserve for reducing your current mortgage and/or making a down payment.

Jill, there are several factors to consider, including the 5 year withdrawal rule for roth IRA contributions. Basically, the contributions must have been in the roth IRA for how to get rid of ants in the house naturally at least 5 years before you can withdraw them tax how to get rid of ants in the house naturally free (and you can only withdraw contributions, not earnings). Here is more info on roth IRA withdrawal rules.

As for whether or not this is a sound strategy, a lot of it depends on your discipline. If you can refinance at a low enough rate, save enough money each month to max out your roth how to get rid of ants in the house naturally IRA each year, and you stick to that plan, then it may be worth it in the long run. Keep in mind this will definitely set your retirement back how to get rid of ants in the house naturally a little bit, but if it means you have more cash flow and how to get rid of ants in the house naturally aren’t struggling to make your mortgage payments, then it may be worth it in the long run.

Because IRA withdrawals can be tricky, I strongly recommend meeting with a financial professional to go how to get rid of ants in the house naturally over this plan with you to help you run the how to get rid of ants in the house naturally numbers, determine the best course of action, and ensure you make any withdrawals correctly to avoid any how to get rid of ants in the house naturally tax surprises. A financial professional may also have other recommendations, so it’s definitely worth the minimal investment of time and money.

Both options work, but it depends on what you are trying to accomplish. If you use your cash savings to pay off your how to get rid of ants in the house naturally second mortgage, you will still have a sizable sum of cash in how to get rid of ants in the house naturally reserve for any emergencies which may arise, and you can pay yourself back with the monthly savings how to get rid of ants in the house naturally from the money you are no longer contributing to the how to get rid of ants in the house naturally second mortgage. I would run the numbers and see how long it how to get rid of ants in the house naturally would take you to pay yourself back in that scenario. Another possible benefit of paying off the second mortgage now how to get rid of ants in the house naturally is that it may make it easier to refinance your how to get rid of ants in the house naturally home under some of the programs that are available right how to get rid of ants in the house naturally now. If you are able to refinance at a lower interest how to get rid of ants in the house naturally rate, then you may be able to save even more cash how to get rid of ants in the house naturally flow each month, which you can use to rebuild your cash savings, to pay off your mortgage early, or to pay other debt.

Reducing your retirement contributions is another possibility, but take a few moments to look at your total how to get rid of ants in the house naturally situation before going that route. Are you making good progress toward retirement savings, can you afford to reduce contributions for two years, are you retiring soon, or do you have a fair amount of time to how to get rid of ants in the house naturally increase your retirement savings down the road?

On a personal level, I am a big fan of getting rid of obligations how to get rid of ants in the house naturally that tie up cash flow, so I would be interested in eliminating the mortgage right how to get rid of ants in the house naturally away – but only if I had enough cash left over to how to get rid of ants in the house naturally handle any financial emergencies which might pop up. But in the end, this needs to be a personal decision based on your how to get rid of ants in the house naturally specific situation (which includes much more information than can be covered in how to get rid of ants in the house naturally a quick blog comment). You should run the numbers and decide which option is how to get rid of ants in the house naturally best for you. Best of luck!

Aside from a primary mortgage, i currently have a second mortgage at 8.25% fixed (15 year balloon maturing in 2028) and an auto loan at 3.49% (47 months left on this). Both have nearly identical principal amounts to payoff ~$22,700. Monthly payment on the 2nd mortgage is $182.10; for the auto loan it’s $506.

My question: which one should i pay off? I was thinking second mortgage simply because it has a how to get rid of ants in the house naturally much higher rate, however tonight i was thinking about paying off the auto how to get rid of ants in the house naturally loan first since it has a much higher monthly payment, then redirecting those monies as additional principal on the 2nd how to get rid of ants in the house naturally mortgage.

I realize if i did this that i’d end up paying a couple thousand in interest over how to get rid of ants in the house naturally the next 2 years on the 2nd mortgage while i how to get rid of ants in the house naturally pay it off, however what i’d gain is the cash flow flexibility of eliminating a how to get rid of ants in the house naturally $506 payment per month. A couple thousand over the next 2 years isn’t going to kill me and from a risk perspective, it reduces my monthly debt requirements almost 3x more than how to get rid of ants in the house naturally if i eliminated the mortgage ($182 vs $506).

Where to begin. I bought in the height of the market in 2007. I was about 50 years old. Today I’m 57. The house cost me 320,000. I have a first and second mortgage, the second mortgage is 70,000 left of 80,000. At my age I will retire at 62, as I cannot keep working cause my hands and eyesight how to get rid of ants in the house naturally are going-in other words it will be too hard to do how to get rid of ants in the house naturally my job anymore. As I am a specialize worker, it does not leave me to work elsewhere in the how to get rid of ants in the house naturally same profession.

My girlfriend is ill and cannot help support the house how to get rid of ants in the house naturally payments, there’s a lot of stress. But I have to have somewhere to live, and rents very high. I am trying to invest in a roth ira for how to get rid of ants in the house naturally the next four years that I have, hoping this money will add up enough to pay the how to get rid of ants in the house naturally second mortgage off.

So, the question is what avenue would you take? Do a short sale, hoping the bank will allow me to sell it. Take every extra dime and put it towards a second how to get rid of ants in the house naturally mortgage or just keep paying and hope that everything works how to get rid of ants in the house naturally out? I fear is the bank will tell me that you how to get rid of ants in the house naturally paid so far, so why should we allow the short sale. I can’t guess I could wait and find out if things how to get rid of ants in the house naturally work out, as I will make some 25,000 less year in retirement. Meaning things will be tight when I retire.

I realize it’s not good to thousand dollars a month on the how to get rid of ants in the house naturally mortgage when you retire, I will still owe some 19 years on the mortgage how to get rid of ants in the house naturally left. I don’t have enough money to pay off the mortgage with how to get rid of ants in the house naturally my 401(k) – as I should’ve started saving much sooner and not borrowed from it how to get rid of ants in the house naturally over the years. But I must’ve admit I was never good at investing. It is sad that the schools did not teach about how to get rid of ants in the house naturally finance and my parents never told me anything. In the years I did invest, I was very foolish and lost a lot of money. Time is running out. I recently was sent a letter from wells fargo stating how to get rid of ants in the house naturally they could refinance my first loan for 30 years again how to get rid of ants in the house naturally and save $150 a month, I thought this was a joke.

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