This topic contains 6 replies, has 2 voices, and was last updated by Anonymous 8 years, 2 months ago.
- April 30, 2011 at 3:54 am #417512
I would go with the higher interest one if it were me.
- April 30, 2011 at 3:54 am #417513
Whichever one has the higher interest rate and/or the largest balance.
- April 30, 2011 at 3:54 am #417514
I’d make the extra payments on your current home loan, then ASAP refinance the land loan into a Home Equity Loan or Line of Credit so you can deduct the interest.
- April 30, 2011 at 3:54 am #417515
Given your timespan, why are you looking to pay off more of the home loan? There’s little to gain.
While we’re at it, why would you want to pay off extra principal on the land loan? Knowing what you expect to gain from doing that might shed some light on this.
I’d suggest that you save the extra cash to go towards construction of the new home. You can take out a smaller home construction loan.
Second to that, I’d put the money towards the land loan, since I’m expecting that you plan on living them for many years.
- April 30, 2011 at 3:54 am #417516
I would suggest that you pay on the higher interest loan it would certainly save you the most money in the long run.
- April 30, 2011 at 3:54 am #417517
Pay the one with higher interest. But don’t make extra payments…just pay additional principal (no extra interest)
- May 4, 2011 at 3:51 am #200437
Anyone have any experience with Newport heights elementary school in Bellevue? *The reviews on greatschools.org are at least 5 yrs old. *But based purely on test scores, it seems to be second tier to the more elite Somerset elem and cougar ridge elem. *Will the difference in my children’s education be noticeable? *How is the parent involvement? *
googling it just returns articles on the 2008 renovation and a (gulp) legal settlement involving sexual harassment and bullying.
any insight would be much appreciated. *i’m new to this whole elementary school shopping…
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