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Financial Advice needed.

Kroze

Kroze

Diamond Member
I'm selling my house soon. and going to make a $40k profit. Should i use this money toward a new condo? or should i put it in a ING direct and get interest and get a full mortgage loan amount for the condo? what should i do with the money? which is best?
 
I would refinance and cash the 40K out for a down payment on the condo. Keep the house and rent it out and own the condo while both appreciate more.
 
Since you will be getting less interest (from ING) than you will be paying with your mortgage, you should probably look for a different investment vehicle than ING.

If those are my only two choices, then I would keep some money in ING and put some into the mortgage. Remember that money put in a house will reduce total interest paid, but is very hard to get to (almost impossible) if you run into hard times. Your mortgage is against your job not your house (try to refi without a job and you'll see).
 
are you looking to rent??? You didn't say what your new living situation will be... I'd use ALL of the proceeds of the sale as down-payment on your next home
 
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