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Rakhi Vasavada
Rakhi Vasavada, Financial and Legal Consultant
Category: Finance
Satisfied Customers: 4545
Experience:  Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years
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We recently came into a little money, wondering now what is

Customer Question

We recently came into a little money, wondering now what is the smartest way to go with it - pay off the existing mortgage on our house ? It seems dumb to invest money in anything while there is a large mortgage still besides the fact that we have ourselves
seen several people we personally know invest and lose everything including the house they had inherited from their parents. We have a mortgage of 120 K , hurting us now at 2 K a month, of course paying interest on it, home owners insurance in Florida has
been gouging us for years, - we are disgusted being stuck like this and forced by the mortgage company to pay high home insurance costs . We are the epitome of the gouged , stuck in debt, middle class for sure.
Submitted: 1 year ago.
Category: Finance
Expert:  Rakhi Vasavada replied 1 year ago.

Dear Friend,

Hello and welcome. Thank you for providing an opportunity to assist you.

From what I understand from your situation, it would be certainly the best idea to pay down mortgage, in part or in full.

I clearly see that Mortgage payments are creating a load as well as irritation to you given its nature. So, it is best option to pay down. Even if you pay up in part, it will bring down your monthly payments and interest costs as well. If paid in full, nothing better than that.

I am sure this would help.

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Warm Regards,