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Updated about 4 years ago,

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5
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0
Votes
Jamie Lee Eang
  • Homeowner
  • Olympia, WA
0
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5
Posts

Pay Our Personal Home Mortgage Aggressive Or Not?

Jamie Lee Eang
  • Homeowner
  • Olympia, WA
Posted

My husband and I purchased our "longer-term" dream home, which we plan to stay in for about 15 years or so. We decided to venture into real estate about 9 months after this purchase and a recent refinance due to way lower interest rates. That being said, we don't plan on this being our forever home. We don't plan to house hack, but would like to develop a portfolio of rental properties—considering both turnkey and BRRR. We realize we are working a bit backwards now, which leads to our question.. Should we or shouldn't we pay off our current home mortgage aggressively or not? A little about our home as well.. 4 bed, 3 bath, 2,640sq. ft., estimated current value is ~$580-$600k, in a class A neighborhood. Our refinance just went through and we are set up to pay approximately $600-700 more a month towards the principle. We have the ability to likely pay off in 15 years too. Our hopes is to purchase at least a single family home, if not a duplex in the next year. We know we can be creative with finance options, but maybe we would prioritize the extra funds towards cash reserves? Thank you for your thoughts!

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