Hello all, First and foremost, thanks for taking the time to read this. I am here to seek some financial guidance.
I’m going to be receiving about 60k here in the coming weeks due to leftovers from an insurance claim on my home in which I did most of the work myself. I want to do something beneficial financially with the money and I’m looking at some options but I don’t know which route to take. I am 31 years old, married, 2 children. Credit cards are paid off but the rest of my financial situation is as follows:
Annual Salary: 185,000-195,000 (fluctuates) Home Loan Balance: 167,000 (30 year FHA, 3.5% interest and $176/mo PMI, 25 years remaining), about 50k in equity in the home. Mortgage Payment: $1900/mo Truck Note: $900/mo (6.5% int) Wife’s Car: $675/mo (4.5% int) Remaining Monthly Bills: $1500 My IRAs have about $18,000 in them. I also have about $10,000 saved up for an emergency.
I’m pretty neglectful with my money, but I want to change that. I realize although 60k isn’t going to solve all my problems, I can start somewhere. I thought about doing a refinance on my home into a traditional mortgage to possibly get a lower rate and stop giving away the PMI but Were thinking of moving because it’s flooded twice. The first flood I ended up with an extra 50k but I pretty much blew it. Any help or advice would be appreciated.
Thank you.
Submitted July 15, 2020 at 11:01PM by Bill-Gapes https://ift.tt/2ZzXuXs
