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DS's MIL has offered to gift he and his bride $20k with the string attached that the money must be used to reduce the principal on their mortgage. They currently owe $115k and there are 9 years left on their 6% 15yr mortgage.
Any ideas on how they should handle this? They're calling the bank today to ask about options. They'd like to simply have their monthly payment reduced and they'd apply the savings to their 401k's which are not currently being fully funded.
Thoughts? Ideas on what their options might be?
Any ideas on how they should handle this? They're calling the bank today to ask about options. They'd like to simply have their monthly payment reduced and they'd apply the savings to their 401k's which are not currently being fully funded.
Thoughts? Ideas on what their options might be?