[quote=HLS]
From a business standpoint:
a) How much did you originally pay
b) How much do you currently owe
c) What is the rate on your current loan and is it fixed
d) How much income can you get from the guest unit
e) Do you know your credit score or what you qualify for
[/quote]
a) Paid 307K in 2000
b) Currently owe 200K
c) 15yr fixed at 4.85% (about 9yrs remaining)
d) Guesthouse gets $650 month. I have no children so can rent out one of the bedrooms to a room-mate for $650 month also.
e) I have no idea of my creditscore or qualification amount.
I can’t afford to continue with the current 15yr mortgage and also buy her out of her portion….which will be about an additional 100K. I will probably need to refinance to a 30yr fixed for 300K if I want to keep the house.
My thinking is that later on when I get a second income again (I just turned 40)…..it will be easy.
