I have the opportunity to do a cash out refinance on my house. With the still low interest rates and rising market values, I think I can pull $40-60k in equity out while still keeping my mortgage payment completely manageable.
I keep going back and forth in my head about paying down my mortgage faster (I’m on a VA 30yr at 2.375% $294k), or just leveraging the current equity to invest more.
I’m 37, single mom, securely employed, with about $22k in investment accounts, contributing 8% into my 401k with a 3% match, while maxing out my Roth IRA.
I really want to set future me up for success, but is it better to pay my home down faster for peace of mind and lower living expenses, or take advantage of the equity and dump a bunch into the market now to give it time to grow?