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Reply to "How should we finance our second home?"
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[quote=Anonymous]We are about to retire in about a year and want to look at getting a condo in a warm climate where we can spend a few months out of the year. Our current home worth about $1.3M has about $400K on the mortgage left with a very good rate. We have a net worth of about $13M which includes retirement investments, deferred comp, stock grants and options, as well as some taxable investments. We also have about $400K in a money market (knowing we would need it for a down payment at some point). By the time DH retires, the net worth will grow significantly with two more deposits in the deferred comp account and additional stock grants. I envision another $1M added at the very least. With interest rates still very high, does it make more sense to just pay cash for the second home? We are looking at homes in the vicinity of $1M to $1.5M. Or should we just wait until interest rates come down? [/quote]
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