Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Mortgage
Profile Image

Question By
Bunkman

0 Contributions
0 People Helped
Should I Refi my home from a 30 to a 15 and cash out to pay off bills?
I have recently bought a truck, a boat and have a personal loan, and about 7k in credit card debt. I am 50 and will be retiring in 15 years. Should I take advantage of low interest rates and refi my home from a 30 year 3.5% fixed to a 15 year 3.75% fixed and roll all my debts into the loan? This would put the house paid at the time of my retirement and all my bills as well. I have about 100K in equity and would be left with about 20K of that if I refi. HELP!

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Results 1-2 of 2Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
5038 Contributions
1136 People Helped

Why wouldn't you just apply more money to your debts each month without redoing everything? Or do you get a penalty for paying off the mortgage early as it stands now?

Top Contributor
7367 Contributions
3809 People Helped

Stay with the 3.5% fixed you have now.  If you refi, you do have to pay appraisal fees and going for a higher interest rate is not smart.  Just work on paying off the bills now.  If you get the other bills paid off, you can add what you have been paying on them to your mortgage payment and achieve a faster payoff.

Results 1-2 of 2Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.