Asked by Lori, Boston, MA • Thu Jun 30, 2011
I own a condo in another state (3 hour drive) and had to move to the Boston area for my job. I rent the condo out, as I am currently underwater on that mortgage (bought in 2007), and unable to sell, but I make more than enough in rent to cover mortgage payment, taxes, and upkeep expenses while still making a small profit.
I am currently living in an apartment here, and paying much more in rent than a mortgage payment would cost me for the size house I would like. I don't have the cash to pay my first mortgage to anywhere close to the 30% equity I've heard is required for a second mortgage, but thought there might be other options out there. I have enough cash to put about 10-15% down on a new home OR completely pay off all other debts (student loans and car). Should I keep renting and pay my debt off? It seems silly when I could be paying less per month and own a larger home. My credit score is very good. Any advice?
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