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Reply to "Pay off home mortgage or pay off investment property?"
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[quote=Anonymous]Do you have any other debt? What other emergency savings do you have? From the $350k, I would set aside 6-12 months expenses (normally I'd say 3-6 months, but with the investment property, I would want a higher emergency fund). Then take the remainder and pay down your residence mortgage. Next, I'd refinance the balance of your home mortgage to a fixed rate 15 yr mortgage - will be a much lower principle and payment which you should be able to manage on the lower income. You also might look into refinancing your investment mortgage to a fixed rate loan now before your income goes down. [/quote]
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