Commercial mortgage v/s residential mortgage?
Is it best to pay off commercial mortgage and take an advance on ur residential mortgage
Answer
Only if it will save money on interest.you will have to consider additional interest on a new equity loan.if the morgtage is old, bear in mind that you have already paid most of the interest in early years and most of the payments now are applied to principal. may apply to both morgtages.i could amortize all of those from the present balances with the interest rate and term remaining. also the equity loan, although those are calculated on a minimum payment. you would have to decide a term limit that you can afford, and /or maximum payments.excell has this function.you should have amortization tables to guide you.
