Second mortgage paid off
Today I wired the necessary funds to completely pay off our second mortgage debt, thus completing the goal we set for ourselves this year.
As you might recall, in later part of 2006 we began to make extra payments toward the principal balance which we got down to under $10,000. For 2007 we had planned to transfer this balance to a credit card offering a no fee, 0% interest rate where we'd slowly pay this debt down over the course of the offer period. For reasons explained earlier this did not happen and so this goal was reintroduced as part of our 2008 goal set.
The remaining $8,492.68 of our second mortgage is what I consider the last of our "bad debt" since the interest rate on this loan was so high (8.25%). Now that it is paid off and we have long since established an emergency reserve we can now fully concentrate on nurturing our investment growth.
posted by Brian at
4:33 PM
3 Comments:
Is your 'second mortgage' attached to a second property, or is it additional borrowing against your current one? Just curious - but all the same, well done on achieving your goals!
By
remortgages, at 4/23/2008 4:43 AM
This is part of the 80/10/10 loan used to purchase our home. More details can be found here.
Thanks remortgages.
By
Brian, at 4/23/2008 7:41 AM
Sweet! Congratulations!!
By
Dave, at 4/23/2008 10:20 AM
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