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- Is the 3700 actually "PIT" (Principal, Interest and Taxes)? Or something else, like "PI" (Principal and Interest) or "PITI" (Principal, Interest, Taxes and Insurance)? I ask because if you are escrowing for taxes, it's very unusual to not escrow for insurance, too.
- What is the Principal and Interest required payment?
- What are the caps on your ARM? I have typically seen caps of 2% on the first reset and 5% for the life of the loan, so your initial reset would probably max at 4.9%
- If you have been paying $5k/month, you are already snowballing the mortgage with $1300/month, right?

It is actually only PIT, we pay the homeowner's insurance on our own.
Roughly $1300 goes to principal, $1100 to tax, and the remainder to escrow the taxes. The rate resets every 6 months by 2% and for a total of 6% for the life of the loan. I looked into the penfed loan and it seems awesome. My credit score acc to Discover is 707. If I wait 3 months, I could get rid of 9k in debt which would improve my ratio and make me 36 months out from my one and only late payment. I have no idea if it would result in a significant enough bump in my credit score to make an impact, but I think worth a try. My husband's score is 760 but my understanding was that it is the lower credit score that leads. Hopefully the rate will remain as it is now.

So then I will just continue doing as I have been doing. Pay off the cards, refinance the mortgage, and tackle the student loan debt in Sept or Oct 2015. The end seems sooooo far away, but then again I can't believe 2014 is almost over, the year always go by so fast.
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