Quote:
Originally Posted by RickFLM4
Have you checked to see what it looks like if you don’t take the cash out and instead refi to a 15- or 20- year term?
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I didn't look into it but yeah, that would be the best option because the payment would probably only go up very slightly.
The reason we didn't is because my wife and I have taken on some additional debt for home improvement and lost some income as she dropped down to part time after we had our baby. I'm not sure if we would qualify for a higher mortgage payment along with the extra debt we've incurred.
If we take the cash, we can be completely debt free aside from the mortgage, have a decent amount of free cash to help with expenses of the next baby and on top of that I'm still lowering the monthly nut by a significant amount.