Household Debt Snapshot September 2011
Here is an updated snapshot of our current debt (all mortgages on our primary and rental properties). The last debt breakdown I provided was back in March 2011 with a total of $356,358.
|1||5.6% 30yr fixed||House #1||$62,612||$1,022||Aug-31|
|2||HELOC @ 3.25% var.||House #1||$25,990||$75||Aug-23|
|3||IELOC @ 4.25% var.||House #2||$7,304||$100||Jul-29|
|4||4.375% 30 yr fixed||House #3||$252,137||$1,508||Sep-40|
|5||5.0% 30 yr fixed||House #4||$122,250||$996||Sep-41|
Since the last update we purchased another rental property in August 2011 and continued to whittle at the main mortgage on Rental #1. Our focus is to concentrate on eliminating Loan #1 to reduce our committed cash flow. I recognize there are other opportunities to invest with a higher rate of return elsewhere, but beginning to feel our priority in the short term is improving our cash flow.
In the past 6 months it appears as though we have reduced our mortgage debt (excluding the new property and mortgage obtained) by about $8.3k. Once we payoff Loan #1 we will likely evaluate other more attractive investment opportunities, otherwise we'll likely continue our focus on reducing our debt to a more comfortable level around $350k.
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