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Ace | I have a 280,000 mortgage. I have 150,000 in stock. Should I sell and pay off some of my mortage.? |
Mortgage is a 5yr fixed at 4.75%. It will convert to flexible in 2 years. I have no other savings. I earn 108,000 a year and am 40 years old. |
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lizfj1
|
You make 2000 a week. Your mortgage is only about 1400.00 a month. You should have tons of money unless you are living beyond your means, and aren't we all? Keep the stock if doing well, if you sell you'll get killed with the capital gains, especially in your income group. OR, sell the loosers or a portion of thes stock and put it into other vehicles. Pay a couple extra dollars every month on the mortgage and it'll be paid off quicker. Start saving something, even if only $1000 a month. Try living a little simpler, and getting rid of some of those toys. Yes, you can live without that big boat, some of us only have canoes, and you don't need the luxury sedan, they have all the same toys in cheaper cars. |
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Nicolas O
 |
I would sell the stock and use the money to buy more real estate and rent it out. Keep your 5yr. fixed for now and wait at least another year before refinancing. By all means avoid paying a pre-payment penalty. |
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jazzmina11
 |
I'd suggest establishing a savings account first above all things. Pay minimums on everything and establish cash reserves of 6 months of living expenses that you don't touch except for emergencies!
I know what I'd recommend, but it's based on author and speaker Dave Ramsey would do, so I'll just plug him. He has many books and materials and lots of free stuff available at his web site. You need to read the portion on "baby steps." That'll help you prioritize what to do next.
Good luck! |
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Tinkerbell
|
I would sell and put the money on the home never know when that stock will drop |
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dahorndogd013
|
Sell, the stock, and put it in a roth IRA, but don't use it to pay off some of the mortage, because all you will be paying down is the principle and not the interest. the best thing to do with the mortage if you can, is make 2 mortage payments a month instead of 1, but not at the same time, make them about 2 weeks apart. |
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Big Jay 7
|
no wait,
save the stock the house will go up in value, so your saving will be in the house..
just pay a little more each month if you can, even a few hundred dollars will make a huge difference...
keep the stock |
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Brian
|
I'd check and see if there are penalties to refinance after your fixed period is over. If not, I'd refinance to a fixed rate mortgage after the flexible rate becomes less attractive then the fixed rate in the market.
Unless mortgage rates go through the roof, don't ever sell that stock, which over the long haul can net you more return then you'll pay in interest on your mortgage (in addition, your interest on your mortgage payments is tax deductible). |
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tonalc1
|
Money is a verb. Keep it working for you.
You could increase the amount you pay on your mortgage for a quicker payoff (and at $100 K a year you shouldn't have any trouble doing that!). |
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pootfart3
|
I think you should maybe pay off some of your mortgage but not a majority of it due to tax reasons. you can always right off your mortgage interest along with any property tax and other things that you would not be able to do if you got rid of your mortgage. With that income you will probably have some kind of tax liability each year, so if you sell some stock put the money into some interest bearing investment like annuities or something like that. |
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askmeguru21
 |
You did good by obtaining so much stock and you make a nice penny at your job, I wouldn't touch it. What's the rush you're still young and you have a fixed rate for 5 years don't worry relax and enjoy life. |
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UGAdawg
|
which ever rate is higher should be kept/paid off... if stock is returning better than 4.75 percent don't sell... if returning less sell and pay off... not all though
this goes w/ all debt and equities |
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Lisa
 |
I would say it depends on your overall financial picture and how your stock is doing. Do you have kids to send to college? It's too bad that awesome rate is going to flip on you to adjustable in 2 years. It will surely go up, and go up a lot. I have an adjustable rate HELOC and it is at 8.5%. I would say sell the stock, pay as much of the mortgage as you can in the next two years. With your kind of income, it'll take you no time to sock away a big nest egg again into the stock market. |
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