My family and I live in Kirkland,wa and purchased our house just under 3 years ago for a little shy of 750k. While i did get a good rate on our loan 3.5%) our monthly payments are high and I was considering refinancing and taking out some stock to lower the overall amount of the loan (we originally had enough down where we didn’t need PMI). Is it best to take the stock and invest it elsewhere or is putting toward the principal of a home loan a better way to go? I have about 200k in stocks and was thinking of taking half of it. Thoughts? And knowing that this is blind, don’t worry I’m not going to solely base my decision on the community, I’m just curious what the consensus is v. My financial planner. Thanks!
There are some awesome videos about mortgage acceleration you should look up. Don't touch the stock.
Pay down the mortgage. It's effectively a tax free, risk free return at your mortgage interest rate. Get to where you could lose your job and still make the payments for a year.
How much do you still owe on the house? Have you done the math of your new payment with the higher interest rate and the lower loan amount? I think the 100k extra down isn't going to buy much off the monthly payment with the higher rate.
We still owe 590k and it’s a 30y fixed.