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Should I Refinance My Mortgage?


kevinwholder
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First off, credit score is not that freat.. mid 6's...

Current rate is 6.25% on a $176k loan over 30 years.. Started the loan in Jan of this year with Chase Manhatten Mortgage Corp.

Would ultimately love to pay off the car(s) and 2 credit cards (<1k total) and refinance the mortgage all together..

At the rate I have now would you do it?? If so, any reccomendations?

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Everyone says that you should not do this with your cc's, its turning unsecured debt into secured debt. Why not try to double up on your payments and get them paid off quicker? Of course, if you are in a hard place right now, and can get a lower interest rate than you are paying, it might be worth it to check it out. Just remember, that 5 year car loan is now part of your 30 yr mort.

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