n relation to a similar post, I have just paid off my last mortgage payment on a house valued at about $160,000. I have an equity line with a $20,000 balance (at 8.5%) that I can pay down at about 1,400/month, or I can take out a first mortgage at a lower rate (7.13%)for $50,000 or any other amount, pay off the equity line and invest the difference, keeping the tax deduction. Obviously I'm not an accountant. Any advice? Thanks aloI am not one to borrow inorder to invest. Therefore I would say do not borrow more than the 20,000. Remember, the market can go down.Do the math, but the cost of a 20,000 1st mortgage may not be able to be recovered. My guess is to stick with your equity loan. But go back to the lender and ask for a lower rate now that the first is paid and they have better security and know your payment history.
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