Refinancing AdviceTo Pay Off House

by Patricia
(Florida, USA)

Ask Kate: Refinancing Advice To Pay Off House Kate, I was talking to a friend who used a credit card at 3.9 percent to pay off his house. I owe $92,000. My home is financed on a 6 percent, interest only, 30 year fixed rate mortgage. The interest only loan is about 5 years old.

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I do not want to refinance as I have no cash and refinancing several times kept increasing my mortgage balance.

I have paid off my credit cards and truck. I want to apply those payments toward reducing the principle of my interest only mortgage. But was thinking if I can ever find a credit card offering 3.9 percent I'd be interested to try to use it to pay off my mortgage.

What do you think? Do you have refinancing advice for me? Patricia

Kate Answers: Refinancing Advice To Pay Off House

Hi Patricia, Congratulations for paying off your truck and credit cards.

By using those previous amounts to pay off your mortgage faster, it sounds like you are on a path to eventually owning your home free and clear one day.

More than likely you need to consult an accountant for advice regarding credit cards to pay off a mortgage. Mortgage interest is commonly tax deductible but not usually interest from a credit card.

So to know if this is an advantage or not, talk with a tax professional.

I would also recommend reading the fine print very carefully because credit cards are not regulated with the same homeowner protections as mortgages.

Best Wishes,

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