How about this scenerio:- Own a home in an *hot* area that has been appreciating at a rate of 8%/year for the past 6 years.- Will still have 30-40K equity in the home after the refinance.- Have significant CC debt that you are trying to clear (unusual debt, due to job loss, not an ongoing problem with spending)- Are planning to definitely move within the next 5 years.Would it make sense then to take the interest only and use the extra $$ to pay off the CC debt?
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