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Reply to "Does it make sense to pay off a mortgage if you are underwater?"
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[quote=Anonymous]We owe about $1.2 million on our house which Zillow now values at $854K (we bought in 2007). We have a first mortgage at about $900K at about 5% and a second mortgage of about $300K at about 3% (the second mortgage just readjusted down to 3% and will stay there now indefinitely. Assume we have about $300K to either pay down or invest (separate from retirement, emergency fund, etc.) Does it make sense to pay down the mortgage at all? If so, should we try to pay the first mortgage down first. If we do that would it make it more likely we could refinance the remainder closer to the 3% rate. $300K still does not get us to the Zillow value. Should we just hang on to the money and invest it elsewhere assuming we will get a greater than 5% return in a mutual fund. Should we at least pay it down by $100K since that last $100K does not get us any deductibility? Thanks![/quote]
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