Hi, I was hoping to get some advice from the money smart users on this forum.
Here is my situation:
Self employed
23 years old
Own a condo purchased at 350k (200k mortgage / 150k downpayment) currently worth around 380
Last year went pretty good an I'm now sitting with about 480k in my savings account after paying taxes.
Im only getting 1.5% interest on it while my mortgage is at 3.5%
Should i:
-Pay off mortgage and invest whats left over
-Keep mortgage and invest everything in xxx fund/stock/reit
-Pay off mortgage and purchase additional real estate
-Sell my condo and buy a more expense house with a rental suite. My condo fee is $500/mo which i feel is going to waste
Im not sure how much the penalty would be for breaking my mortgage, its only 10 months old
Thanks for your time and i do realize going to see a professional advisor is my best route but theres no harm in getting some opinions on here.
Here is my situation:
Self employed
23 years old
Own a condo purchased at 350k (200k mortgage / 150k downpayment) currently worth around 380
Last year went pretty good an I'm now sitting with about 480k in my savings account after paying taxes.
Im only getting 1.5% interest on it while my mortgage is at 3.5%
Should i:
-Pay off mortgage and invest whats left over
-Keep mortgage and invest everything in xxx fund/stock/reit
-Pay off mortgage and purchase additional real estate
-Sell my condo and buy a more expense house with a rental suite. My condo fee is $500/mo which i feel is going to waste
Im not sure how much the penalty would be for breaking my mortgage, its only 10 months old
Thanks for your time and i do realize going to see a professional advisor is my best route but theres no harm in getting some opinions on here.