I am in end of a refinance of my mortgage and I am not sure if I should follow through with it or not.
My mortgage is $52,000 appraised value $103,000.
My loan will include paying off 3 credit cards and 1 schoolstudent loan of $5,000.
My loan will be $66,000 for 30 years at 3.875 (cost includes fee for points).
I am 60 years old and wanted to get rid of debt and refinance.
My current loan is 3.75 and I pay $650 per month.
My new loan will be $720 per month.
Am I making a wise decision? Should I just cancel and pay the bills on my own? I have some CDs that I could cash in to pay for the school loan since I am now 60.