Hi, my wife and I are pretty young and have 2 kids but we are just getting killed with credit cards and such. we have a house that we bought for 191k. We refinanced it once and it appraised for 260k. I refinanced and took 20k out to build a pole barn garage behind our house for parking cars. Everyone always say never refinance a house to pay off debt. So we are really nervous to do so but we are kind of at a point where barely making enough money to make minimum payments on everything its getting really really old.
So first off our job situation... I make 50k a year and am due to get a raise that will increase that to 70-80k a year because I just finally finished my schooling. She used to work part time making 25k a year but she quit her job a few months back to become a full time mother for our kids.
Our debt.... we have 4 credit cards all but 1 Is very high APR (25%+) the other is a 4% intro apr for 18 months. Our credit card debt is somewhere around 10k spread between the 4. We have 1 car payment with only about 3k left on it We also have a camper payment which has about 8k on it.
In my current situation would refinancing the house to basically get a fresh slate be worth it? My buddy does mortgages and said we could definitely take money out as we owe 207k on the house and it would probably appraise somewhere near 290k with the garage addition. What would be the pros and cons of doing so?
Thanks.
Submitted May 15, 2019 at 11:22PM by patricklilly27 http://bit.ly/2WP4goq
