My new mortgage is approved!

I just checked my in box and my new mortgage is approved!

YAHOO!

HOME RENO"S HERE I COME!

Yellow ( actually vintage cream) house, red front door here I come! I'm so excited... Now the debate, pay off the student loan, LOC or VISA, or do I just sit on the money for a month and them decided.

I'd love your opinions!

1.)My heart is telling me SL which would be around 6,800 and will free up 250 bi-weekly. Out of this would be an immediate increase in my mortgage payment (50.00) , leaving me with 200 to split between saving and debt repayment.

2.) LOC 85.00 a month in interest alone each month.

3.) VISA - balance of about 8,000 this would get cut up and canceled. ( I currently pay 300 a month, but I could take that 300 and stick it savings)

OMG I'm so happy right now, what a relief!

I feel like I got a bit of the luck of the Irish rubbing off right now! ( the mortgage was approved on the 17th)

Comments

Money Minder said…
Yay! Congrats!

I like the idea of freeing up the most cashflow each month. This will leave you with more options. You could make a lot of progress toward your financial goals if you freed up the $250 monthly SL payment.

Let us know what you decide :-)
Money minder, the 250 is biweekly... 6500 a year....
Canadian Saver said…
Congrats!!

Have you ever put your debt in a calculator to see what different scenarios would give? If you google debt snowball, I'm sure you'd find something interesting. That way when you input your interest rates, balances and monthly payment, it will give you the scenario that will make you pay the lowest amount of interest overall.

What is your LofC balance?
OOOhhh congratulations!!!!

If it were me I'd do the SL or VISA!
Money Minder said…
Sam: my mistake, I thought the payment was monthly. Freeing up $250 bi-weekly is even better - it will give you more freedom and more choice.
I've decided to sit on the money and wait until all the work is done and paid for and go from there. I'm looking @ the date of July 2 to pay off what I figure will be the student loan.The hardest part for me will to not spend the money...

It looks like my mortgage will be increased by about 60.00 per pay ( which is what I figured.)But I should see my energy consumption decrease a little bit.

all in all its a good thing...

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