Our mortgage balance is $270,000 with $50,000 in a HELOC. With the market the way it is, we feel we need to sell now or we might find ourselves stuck in our condo for a very long time. By selling our condo for $360,000 (that might even be wishful thinking), we can use the profit to pay off debt and free up about $1200 of monthly expenses that can be put toward saving up for a house later down the line. Of course, we'd have to go back to renting and lose out on tax benefits, but saving $1200 a month sounds pretty good to us, too. We feel by selling and paying off a considerable amount of debt, we can have a fresh start and strengthen our credit so that we can purchase later down the line. What do you guys think?
2007-07-01
16:49:21
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6 answers
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asked by
socalteacher
2
in
Renting & Real Estate