golfnut
Full time employment: Posting here.
Just wondering if this is a good idea. We have a 15 yr. mortgage with a rate of 4.75% fixed. We are 6 1/2 years into it and the balance is $63,000.
Also, we have equity line of credit with a balance of $20,000 at 3% variable rate.
Would it be a good idea to pay off the mortgage with the equity line of credit?
Note we have the cash to pay off the all these debts ($83,000) but I do like keeping the cash for the rainy days that might crop up in the future?
Any insights here would be most appreciated.
Thanks,
Golfnut
Also, we have equity line of credit with a balance of $20,000 at 3% variable rate.
Would it be a good idea to pay off the mortgage with the equity line of credit?
Note we have the cash to pay off the all these debts ($83,000) but I do like keeping the cash for the rainy days that might crop up in the future?
Any insights here would be most appreciated.
Thanks,
Golfnut