Posted on: 26th Mar, 2009 01:09 pm
we have $8000 that we would like to roll into our refinance loan. if we do, we lower our payment $50/mo with $700 cash back. if we don't roll the $8000, but just refinance, we lower our payment $200/mo with $800 cash back. we are trying to get out of debt. would this be wise to roll over?
If it is credit debt, then YES, roll it in. You will be paying a much smaller interest rate. If its another kind of debt and the interest rate is just as low then i would say no.
You also want to consider, that yes, you may be lowering your mortgage payment just $50 by refiing with the debt, but you are ALSO saving by not having to make that debt payment anymore. A win win!
You also want to consider, that yes, you may be lowering your mortgage payment just $50 by refiing with the debt, but you are ALSO saving by not having to make that debt payment anymore. A win win!