I'm trying to make the smartest financial move. I bought condo in April 2006. Buying the condo with interest-only payments was not the best move, but I wanted to flip it. However, the market tanked in 2006 and I got stuck with the condo. Yes, I live in the condo. Im living paycheck to paycheck right now. I do have reserve capital saved for a year. The mortgage interest is deductible. Condo is in Florida in a gated community with the best location. 1/1 bed/bath. 626 sq feet. I bought it for 100k. TERMS: Fixed rate at 6.5% on the first mortgage, 80k. $605/monthly. Adjusts after 10 years. 2nd mortgage ARM on 20k. Payments $178 montly. 9%interest.
Thinking of either selling, renting, or refinancing when the market turns around in future. Holding right now. I cant keep making interest-only payments forever! I need an intelligent person to help me make the smartest financial move. I have 9 more years until mortgage adjusts. Should I sell, refinance, or rent in the future? I want to profit $
2007-09-26
05:14:37
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6 answers
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asked by
Anonymous
in
Renting & Real Estate