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Author: mew5280 Two stars, 250 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 308881  
Subject: Re: Interest Only Mortgage Date: 9/22/2005 12:53 PM
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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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