Dh and I are looking to move to a different area, more expensive then where we are now.
We have two options, sell and move now however we owe $220k and it might sell in low $400'sk therefore we will have to borrow an extra $500k or so as new property would be low $700k (or high $600k)
Pay off our house (I estimate 4-5 years) then borrow less and most likely less borrowing time. The only downfall is our house price might not increase as much as this other area.
What do you think?
I'm heading towards waiting as I estimated a 6 year saving in paying off the new mortgage, but maybe I'm wrong!