SLC Tortfeasor
Recycles dryer sheets
- Joined
- Jun 17, 2005
- Messages
- 233
Advice please!
We have about 10 years left on our existing 15 year mortgage at 3.25%. We're looking to refinance because, incredibly, we can probably get something in the 2.5% range. We owe about $165K on a house that's worth probably $850-$900K.
Our original plan was to get the house paid off around the time our kids are starting in college starting about 9 years from now. But with rates this low, I feel like I'd be foolish not to at least take some of that home equity and put it into some relatively conservative index fund for the next decade. Having all this money tied up in our house just seems too conservative to me.
To be clear: I'm not saying I want to take out all our home equity to start day trading penny stocks. I'm just thinking it may be prudent to take some reasonable fraction of our home equity and put it to work. I'm pretty confident that we can resist the urge to fritter away the money on home improvements and fancy cars.
When I refinance, should I stay on our current course and only borrow the $165 I still owe on the house? Maybe I should finance an additional $100K? I'd like to keep our monthly payment from getting too much higher than we're currently paying, and I probably want to stay at just a 15 year loan.
Please let me know what you think!
We have about 10 years left on our existing 15 year mortgage at 3.25%. We're looking to refinance because, incredibly, we can probably get something in the 2.5% range. We owe about $165K on a house that's worth probably $850-$900K.
Our original plan was to get the house paid off around the time our kids are starting in college starting about 9 years from now. But with rates this low, I feel like I'd be foolish not to at least take some of that home equity and put it into some relatively conservative index fund for the next decade. Having all this money tied up in our house just seems too conservative to me.
To be clear: I'm not saying I want to take out all our home equity to start day trading penny stocks. I'm just thinking it may be prudent to take some reasonable fraction of our home equity and put it to work. I'm pretty confident that we can resist the urge to fritter away the money on home improvements and fancy cars.
When I refinance, should I stay on our current course and only borrow the $165 I still owe on the house? Maybe I should finance an additional $100K? I'd like to keep our monthly payment from getting too much higher than we're currently paying, and I probably want to stay at just a 15 year loan.
Please let me know what you think!