I'm getting back ~$15,000 from income tax.
Now we all know refunds should be spent solely on our M's, BUT here's a "hypothetical" situation.
I have a Line of Credit currently @ 3.5%, and I have a rental property with a mortgage @ 3.09%. Do I throw the $ on the LOC or on the mortgage.
My first thought is the LOC for the simple fact it has the higher interest rate (~$60,000). But, would the mortgage benefit in the long run by knocking that much off the principle (which is currently at ~$113,000) thus decreasing the length of the mortgage?