Does it make sense to keep money in an interest bearing savings account when you have a mortgage to pay off?
The savings account obviously pays quite less and the money can rather be used to pay off part of the mortgage loan (principal). Is this the right way to go? Any other view/suggestions??
My wife and I own a house about an hour away from where we currently live and work. Currently we have renters in the house, but they are moving out soon (2-3 months). Also, my wife and I are both relatively decent earners ($ 60k-70k/year), however her job is stressing her to the point of emotional and physical breakdown… she needs to get out and do something less stressful (which means significantly less money, which means we won’t be able to afford the house). Basically, we need to get rid of the house.
The problem is, our mortgage is at $ 189k, while most comparable houses in the area are selling for ~$ 135k. Is it possible/advisable to get a $ 50k loan from a reputable institution that we can bring to a closing so we can sell the house? Our current mortgage payment is $ 1300/month… we’d like to halve this with any loan we might get.
If an unsecured loan for 50k isn’t possible, what about a secured loan? Is it possible to get a 50k secured loan using 2 cars that currently have loans as collateral?