Would Dave Ramsey approve of refinancing my mortgage?
I owe about 20% of the value on an investment property. Should I refinance the house to get equity out and pay off everything I owe and be debt free other than my primary residence mortgage and this investment property mortgage? Its pretty tempting to only have two house payments and attack them aggressively. FYI – I have a good history of keeping the house rented for well above what the mortgage payment is.
Only Dave Ramsey listeners/smart financial debt free people respond please.
He would say no. Moving money is not changing your behavior. Plus the cost of refinance would be expensive and that money could instead be used to pay down the other debt. He would say good job on getting the investment property down but now concentrate on your lowest debt and knock it out.
Set up your debts smallest to largest and start the attack. Then build your emergency fund then invest and then attack your two mortgages.
Keep listening to Dave and follow his advice.
Real Estate Tips : How to Refinance a Mortgage
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