Less than a year ago, my wife and I purchased a new house and sold our old one. After paying off all of our debt, except for the house, we have $67K left. Right now it’s just sitting in a savings making 3.10% interest. We were originally going to refinance once the interest rates went down and put the left over money towards that but we now need to purchase a new roof for the house. The new roof will be about $30K. I would assume we are better off paying cash for the roof but then what should we do with the $37K left? Our current mortgage interest rate is 7.37% so is it even worth refinancing right now? Or are we better off getting a loan for the roof and then investing all of that money in the meantime?
We are also planning on having another baby soon and will need a bigger vehicle for that. What’s the best way to approach this?