- Joined
- Sep 10, 2006
- Messages
- 4,092
Hello!
Well, big changes in our future! Hubby has been able to work out a job transfer (will happen this summer sometime, date not firm yet) to Florida where we eventually want to retire! Woo-hoo!!!!!!
Soooooooo....we have been expecting this to happen (but not this fast!!!!) so I've been watching the market and working with a real estate agent since last fall. We suddenly found a property that meets everything we want, recently put an offer in, and got it. Woo-hoo!!!
Closing set for mid-June.
We are approved for a mortgage but haven't officially confirmed anything with any lender.
We have enough liquid assets for downpayment but the rest of our assets are tied up in 1) current home 2) rental property (both fully paid off). We'd like to sell both (tired of having a rental), but neither are quite ready for the market, and we aren't sure how long it will take to sell them. So, we don't know how long we will need to carry the mortgage on the new place. We can handle payments no problem, we just want to minimize the interest we have to pay.
We are trying to decide if we should go forward with the mortgage and pay the monthly interest charges until we sell our homes and can pay off the new property, or if we should sell some of our investments in our taxable account and avoid a new mortgage altogether. We definitely want to pay it off completely as soon as possible, but want to choose the best strategy to do so.
We are hoping to fully retire in 2018 and were planning to of course draw down from our taxable accounts first. So if we sold from taxable accounts we would be drawing them down considerably. If we did that we could re-buy once we sell our current properties. There are tax consequences to consider and of course the unpredictability of the market.
Hubby and I have different viewpoints on how this should be handled...please share your opinion(s) and what things we may want to consider that we haven't thought of, etc.
Thanks so much!
Well, big changes in our future! Hubby has been able to work out a job transfer (will happen this summer sometime, date not firm yet) to Florida where we eventually want to retire! Woo-hoo!!!!!!
Soooooooo....we have been expecting this to happen (but not this fast!!!!) so I've been watching the market and working with a real estate agent since last fall. We suddenly found a property that meets everything we want, recently put an offer in, and got it. Woo-hoo!!!
Closing set for mid-June.
We are approved for a mortgage but haven't officially confirmed anything with any lender.
We have enough liquid assets for downpayment but the rest of our assets are tied up in 1) current home 2) rental property (both fully paid off). We'd like to sell both (tired of having a rental), but neither are quite ready for the market, and we aren't sure how long it will take to sell them. So, we don't know how long we will need to carry the mortgage on the new place. We can handle payments no problem, we just want to minimize the interest we have to pay.
We are trying to decide if we should go forward with the mortgage and pay the monthly interest charges until we sell our homes and can pay off the new property, or if we should sell some of our investments in our taxable account and avoid a new mortgage altogether. We definitely want to pay it off completely as soon as possible, but want to choose the best strategy to do so.
We are hoping to fully retire in 2018 and were planning to of course draw down from our taxable accounts first. So if we sold from taxable accounts we would be drawing them down considerably. If we did that we could re-buy once we sell our current properties. There are tax consequences to consider and of course the unpredictability of the market.
Hubby and I have different viewpoints on how this should be handled...please share your opinion(s) and what things we may want to consider that we haven't thought of, etc.
Thanks so much!