Posted on: 23rd Jun, 2010 09:14 am
we are refinancing our mortgage to a 15 year fixed at 4.25%. No cost or points. We are currently at 4.75%
We owe 287K on a house appraised at 675K and can borrow up to 400K.
My question is:
Should we take the extra cash out for a possible remodel and incur the higher payments, or keep our debt and payments low?
thanks
We owe 287K on a house appraised at 675K and can borrow up to 400K.
My question is:
Should we take the extra cash out for a possible remodel and incur the higher payments, or keep our debt and payments low?
thanks
ttop4
If you are able to fetch extra cash then you can use that to pay your high interest accounts such as credit card loans.
So in this way it is helpful,but at the same time you need to take care of the higher payments as it is very difficult if the earning member is single person.
If you are able to fetch extra cash then you can use that to pay your high interest accounts such as credit card loans.
So in this way it is helpful,but at the same time you need to take care of the higher payments as it is very difficult if the earning member is single person.
Honestly, you're the only one that can answer that question. You're the one who will be incurring that debt on a monthly basis. In regards to borrowing money in general, rates are back at all time lows. There is no better time than now if you can handle the monthly debt.
