I am doing a cash out refi to fund a home renovation and opportunity fund. Rates are crazy low right now and I started thinking if I take out an extra $17k it will cost me about $42 more per month but I’d pay off my vehicle loan (of about the same % as the new mortgage) and expunge my current $370 per month car payment. Since mortgage rates are just as low as auto loans right now, is there any reason NOT to do this? My auto loan is $370 per month at 2. 99% for 6. 5 more years. Lets assume metrics on refi with or w/o additional $17k are equal less the additional $42 per month.
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