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Interest Only Mort.

Date: Mon, 11/27/2006 - 19:48

Submitted by anonymous
on Mon, 11/27/2006 - 19:48

Posts: 202330 Credits: [Donate]

Total Replies: 4


I am considering the Smart Choice option from Quicken. My current situation is as follows: Mortgage (30 yr, 5.75%) + PMI + property tax = 2600.00/month. I also have 10,000 in credit card debt. The Smart Choice option would allow me to get rid of the PMI, pay off the Credit cards. The questions I have is this option would have me pay interest only for 10 years, and then prinicple payments would begin. I make 100,000/yr and this will increase. SHould I refinance now, or just try to payoff the credit cards ASAP and deal with the PMI. Any advice would be great