I'm going to be coming into some money soon and not sure what I should do as of yet. It is going to be enough to pay off my current house or my rental house and to have some extra.
As of now, I'm thinking to pay off the rental (3.75% with 24 year remaining) and then apply the income (rent excluding taxes/insurance) of that property to my current mortgage to pay it off quickly (3.25% rate with 26 years remaining).
There is a good chance I'll be selling my current residence next year and moving to Spring Grove. I have over $100k in positive equity in my current house and it would be plenty to put a nice down payment on whatever I buy.
That said, another question I have is regarding the "extra" after I pay off the rental. I was going to pay off what minimal debt I have, excluding my primary house's mortgage. I'll still have a decent amount left over and I'm not sure if I should apply it to whatever house I end up buying, invest it, or what.
Anyone have any advice or been through something like this? I'm trying to be smart about whatever I do.
As of now, I'm thinking to pay off the rental (3.75% with 24 year remaining) and then apply the income (rent excluding taxes/insurance) of that property to my current mortgage to pay it off quickly (3.25% rate with 26 years remaining).
There is a good chance I'll be selling my current residence next year and moving to Spring Grove. I have over $100k in positive equity in my current house and it would be plenty to put a nice down payment on whatever I buy.
That said, another question I have is regarding the "extra" after I pay off the rental. I was going to pay off what minimal debt I have, excluding my primary house's mortgage. I'll still have a decent amount left over and I'm not sure if I should apply it to whatever house I end up buying, invest it, or what.
Anyone have any advice or been through something like this? I'm trying to be smart about whatever I do.