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Private Lending & Conventional Mortgage Advice

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Barry Smith
  • Investor
  • Manhattan Beach CA; Columbus, OH
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Financial Experts - Refi to pay off credit cards, or leave loan balance?

Barry Smith
  • Investor
  • Manhattan Beach CA; Columbus, OH
Posted Nov 4 2014, 11:09

Are there any financial experts out there who can answer this?

Is it better to refinance a house and increase the loan balance to pull equity out and pay off the business credit card balance... that is eating up monthly cash flow?

Or is it better to leave the loan balance where it is and keep paying the credit card bills (and interest) that were created when initial repairs were underestimated.

(The refi will be at a lower interest rate, creating a slightly lower monthly mortgage payment, but a higher mortgage balance.)

Any thoughts on this one?

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