15 year VS Buying a second house.

[Felipe Diaz]

Hi Everybody,

I currently have a house in Los Angeles, I owe 250K right now. My house appraises around 400K. I am not happy in this community since the school districts are really bad and i had a few brake ins.

I have a goal of paying it off soon so I am in the middle of refinancing to 15 years and my payment will go up to $2,220.00 (3.3 rate) from $1660.00 at (4.0 rate). I will be  paying $560.00 more per month.

My other option is not selling the house and buying a second house. The big issue is that I don't have a lot of money saved up and I know that to buy a decent house in LA will be really expensive.

Any advice?

Thanks,
Felipe