I own a home, brought it in 12/04 (2 years to the date) for $242,000, the Appraised Value as it stands is $305,000 so it has appriciated $63000 in 2 years. Our current mortgage is a 30 yr fixed rate for 5.875%. We are looking into getting a 3 year interest only loan with $30,000 out to finish our basement, and pay off our car, and credit card bills. With everything figured out we will be saving around $200.00 per month to invest or save, and adding 800 square feet of liveable space, which increases our value even more. I am having 2nd thoughts about the interest only part. We are at this time planning on selling in the next 2-2.5 years to try to make some money. What should we do?
2006-12-07
10:31:02
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10 answers
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asked by
tbrooks2
2