I'm not sure I see the use, as some suggest, in continuing to pay exorbitant interest rates associated with credit card debt at +20%, or CRA at 9%, or line of credit at 8%, when there is a perfectly quick, easy way of lowering your rate to 5.8%??? The total amount doesn't change, only rate associated with it does.
The financial savings alone would make it seem a no brainer, but more importantly is the stress associated with your current debt problem. Your new mortgage would be only around $475K on a property valued in the $600K region. It sounds like you have very good money coming in, so if you can stop the initial bleeding, you should be in good shape going forward.
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