Quote:
Originally Posted by Cathie
What’s my best financial move? Go for a 30 yr. conventional mortgage at 5.5% (hopefully) with a monthly payment of $700 or deplete some savings to place towards the reduction of the mortgage balance? I am only beginning to educate myself about financial health and appreciate suggestions from any of you who might be in the same situation!
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Welcome Cathie!
This is what I would do. Refi @15 years mortgage. I say that because you are already living a frugal life and still plan to work for another 10 years. It might reduced your mortgage payment somewhat but I would still try to pay it off sooner. You have no other debt, except mortgage, and property tax, which is excellent. You should start saving more towards retirement. Also start thinking about working a second job to supplement your income. Finally, find something you will find enjoyable to keep your mind occupied.
Good luck!
