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Updated about 1 year ago,
Should I sell or keep our condo?
My wife and I have a condo in Bala Cynwyd near Philadelphia. But we recently moved to New Jersey and bought a single family home. Now we have rented out the condo and have a good tenant - which covers our mortgage for it. Sounds perfect, right?
But the new home that we purchased, with over 6% APR, we are paying a hefty amount for mortgage, PMI, etc. We don't get to save much after all the bills.
Now, should we sell our condo and use the balance in reducing the principal on the new house, and hence lower the mortgage payment? With lower APR in no sight in the near future, would this be a good decision? Or should we keep renting out the condo and refinance in a year or two?
Thank you in advance!