• FreeAdvice has a new Terms of Service and Privacy Policy, effective May 25, 2018.
    By continuing to use this site, you are consenting to our Terms of Service and use of cookies.

Re-Fi or pay with savings

  • Thread starter Thread starter flyfish
  • Start date Start date

Accident - Bankruptcy - Criminal Law / DUI - Business - Consumer - Employment - Family - Immigration - Real Estate - Tax - Traffic - Wills   Please click a topic or scroll down for more.

F

flyfish

Guest
Should I refinance my current loan to generate cash to pay off credit card bills or pay the bills by cashing in stock? I am considering going to a month to month adjustable at a current 1% rate. This would mean changing my current 170K,5.45%,15 yr. mort. (14 yrs. left) for an interest only option loan (approx. 250K) that would readjust monthly with the option of paying interest only, 15 yr. or 30yr. amortizind schedules. My monthly mort/tax bill would be reduced by $600 and my credit card bills would go from $2500/mo. to $0/mo. My thought is that the savings will generate more payback by leaving them in stocks then cashing them out and using the proceedes to pay the credit card bills. My main concern is to keep the money in stocks.
 
Last edited:



Find the Right Lawyer for Your Legal Issue!

Fast, Free, and Confidential
Top