R
russell6
Guest
I currently own my first house worth 300K with mortgage 175K. I have a 2 year fixed rate of 3.39% - I have just finished year one of this rate.
I would like to buy my first investment property, in the range 280K. I have 20K cash available. From reading this site I realise the best thing to do is maximise my loan for the investment property and use the cash to pay off my first mortgage. However the fact I am in a fixed mortgage is complicating things!
-Should i put the cash towards the first mortgage and take the hit on the exit fees and lose a good interest rate
-Should i put the cash into the new mortgage, forget about 1st mortgage
-Should I forget the whole idea for a year and leave the 20K invested (equity SSIA)
thanks
I would like to buy my first investment property, in the range 280K. I have 20K cash available. From reading this site I realise the best thing to do is maximise my loan for the investment property and use the cash to pay off my first mortgage. However the fact I am in a fixed mortgage is complicating things!
-Should i put the cash towards the first mortgage and take the hit on the exit fees and lose a good interest rate
-Should i put the cash into the new mortgage, forget about 1st mortgage
-Should I forget the whole idea for a year and leave the 20K invested (equity SSIA)
thanks