What is the best way to invest equity from a home sale? - Yahoo! Answers
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What is the best way to invest equity from a home sale?

I just sold my second home and will have about $30k-35k after all of the closing costs, fees, etc. We already are living in another house, so we dont need the equity from the sale as a down payment. What is the best way to invest this money? Is it better to paydown debt from our current home or invest the money into something else (CD, IRA, etc?)
  • 2 years ago
  • (Tiebreaker)

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We dont have any credit card debt. We have 2 mortgages (80/15) on our 2nd house, one is at 8% and the other is around 6%. We are currently putting money away into our 401k.

2 years ago

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Answers (2)

  • Answerer 1

    to make the right decision, you have to be more specific on your finances because of taxes, but if you do use that equity to pay down your mortgage on your first home get a heloc to maintain liquidity
    • 2 years ago

  • Answerer 2

    general consensus would be to eliminate debt as fast as possible - if you have all of your other consumer debt well under control (no balance being carried forward from month to month), you should consider a lump sum payment to your mortgage and maintaining your current month to month...thus speeding yourself toward your final mortgage payment...probably by a few years.
    • 2 years ago

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