First put up. Looking for any type of steering on what to do with our mortgage scenario. We at the moment have a $850K stability on a house with a 3.8% jumbo 30 12 months mortgage with 23 years remaining on it. Home is probably going price ~$1.6M. Wife and I are early 50 with 1 baby coming into school within the fall (paid for already) and 1 baby a sophomore in HS (no school financial savings). We have amount of cash in financial savings however try to determine one of the best monetary deal on our dwelling proper now. We are more likely to promote the house when baby 2 go away HS after which have a small rental in New England and one other dwelling someplace heat (Miami?).
Things now we have thought of embrace:
Using a margin mortgage to pay down our current mortgage to maintain funds low (500K to repay mortgage after which get a $350K new mortgage for the stability)
Refinance right into a 15 or 30 12 months mortgage
Sell now to make the most of the loopy market
Buy a brand new place now and float two mortgages
Usually we’re good with regards to selections like this however any enter is appreciated.