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should I pay off my car before I refinance? |
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| Author | Message |
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dochypnos
Joined: 08 Apr 2006
Posts: 2
|  Posted: Sat Apr 08, 2006 3:14 pm Post subject: should I pay off my car before I refinance? |  |
| | I am thinking of paying off my car (13,000) before I refinance, is it better to pay it off or refinance and consolidate it into the new loan? |
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|  | The Mortgage-Pro
Site Admin
Joined: 19 Jan 2005
Posts: 2248
| | Posted: Sun Apr 09, 2006 11:21 pm Post subject: | |
| If you plan to be in the home for a few years (2-5), it may make sense to refinance and include your car payment. Will the refinance lower your current monthly obligation?
However, it does not make sense to refi and include the car if you will be in the house for 30 years. You would then be paying for a depreciating asset (the car), for 30 years with your new mortgage. |
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