Hi all,
DW and I are considering taking a cash-out refi to pay of our remaining student loan debt. This is our last remaining debt, except for our primary residence and my wife’s car ( 2yrs left @ 2.24%). I think this would also offer some tax benefits (our combined income is too much to write off student loan interest).
Home Value: Approx $360k ( 3.625% 30 yr fixed rate, $191k left)
House equity: $169k
Student Loan Payoff: $ 90k @ 4.5%
We have an additional $52k on hand in savings/taxed brokerage accounts, but would prefer to keep this on hand as an emergency fund.
Has anyone done this, recommend for or against it? I'm a little concerned that the cash-out refi would raise our interest rate. We're also considering moving again within the next 2 yrs or so.
Thanks!
DW and I are considering taking a cash-out refi to pay of our remaining student loan debt. This is our last remaining debt, except for our primary residence and my wife’s car ( 2yrs left @ 2.24%). I think this would also offer some tax benefits (our combined income is too much to write off student loan interest).
Home Value: Approx $360k ( 3.625% 30 yr fixed rate, $191k left)
House equity: $169k
Student Loan Payoff: $ 90k @ 4.5%
We have an additional $52k on hand in savings/taxed brokerage accounts, but would prefer to keep this on hand as an emergency fund.
Has anyone done this, recommend for or against it? I'm a little concerned that the cash-out refi would raise our interest rate. We're also considering moving again within the next 2 yrs or so.
Thanks!
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