I have the opportunity to take over a VA mortgage with a 3% interest rate on a home located in the area where I currently live. It is a desirable area with great schools. I am currently renting a place here because my work relocated me here a year ago, and I wasn't well-versed with the area to buy a house initially. However, to assume the mortgage, I have to bring a significant amount of money to the table, approximately 92% of my invested portfolio, not counting retirement accounts.
My question is, is it wise to use such a considerable portion of my portfolio to buy this house?
Here are some additional facts that might help you understand my situation better:
- I would still have a reasonable emergency savings account
- I already own a home in another state with a 2.75% interest rate, which is being rented out, and we make about $1k a month from it after all expenses are paid.
- If I decide to buy this property, I plan to stay in it for at least ten years.
Thank you for any advice you can offer.
My question is, is it wise to use such a considerable portion of my portfolio to buy this house?
Here are some additional facts that might help you understand my situation better:
- I would still have a reasonable emergency savings account
- I already own a home in another state with a 2.75% interest rate, which is being rented out, and we make about $1k a month from it after all expenses are paid.
- If I decide to buy this property, I plan to stay in it for at least ten years.
Thank you for any advice you can offer.
Statistics: Posted by Nautical Investor — Mon May 06, 2024 4:36 pm — Replies 4 — Views 413