Was just looking for an expert opinion for my current situation. Currently on a forbearance plan for the next couple months and have managed to generate a savings due to minimal spending from covid and such.
Not sure what my best course of action would be forbearance to the end of my mortgage period? Use the money to refinance? Or just try to pay off my PMI 20%? Pay off one of my 401k loans so I can take a larger loan towards PMI or refinance?
Or something else? Invest? Double down on my 401k contributions?
All this stuff is over my head and I'm in decision paralysis.
Credit Score: 808
Assets Yearly income: $42,369 Current savings: $14,495 401k Total: $52,000 (2 Loans allowed out at a time. Max loan amount of 50% of the total.)
Debts 401k Loan 1 (pre-tax): $11,693 401k Loan 1 interest rate (paid back in to 401k account): 5.5% 401k Loan 2 (pre-tax): $6,842 401k Loan 2 interest rate (paid back in to 401k account): 6.5% Mortgage Total: $139,555 Mortgage amount paid: $4,220 Mortgage interest rate: 4.75% Mortgage amount to pay to remove PMI: $27,911 Mortgage monthly payment: $1,036
Currently on a forbearance plan starting May 1st to November 1st. At which point I need to negotiate a repayment plan. Either pay all 6 months up front, (approximately 6k) or have my mortgage pushed back at the end by 6 months.
New to reddit, not sure if this is enough info. If anyone has follow up questions, just let me know. Thanks in advance.
Submitted July 24, 2020 at 09:06PM by shinycloudkid https://ift.tt/3ht1crM
