Quote:
Originally Posted by cvb921
Sorry for the confusion. I will be receiving a fair amount of cash as a gift/inheritance. Should I pay off all non-mortgage higher interest debt (loan, cc, etc.) or use the cash to put down on a refinance (current ARM 6.25% resets in 2 + years) lowering the amount owed on the house?
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I think all of Seeker's questions and points are good ones. Without all that detail, I'd lean toward paying off the consumer debt. You can still refi and get into a fixed rate loan, probably around 5% or less and lower your monthly payment. So it would be a win-win. You'd be debt free except for your home and you've be paying less on the mortgage.
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