[RKDinOKC]

Hope am doing the right thing...

Refinancing my house.
Because I spent so much fixing the CayenneS to sell and all the unexpected expenses on the Turbo, borrowed 10K on the Turbo. Because my credit rating was 850 got it at 3.75% even though it is a 2005 model.
With the 928 garage bill being about the same going to add both of those to the house refi.
House was at 4.6%.
Going with a 10/1 ARM at 3.375% with a cap at 8%.
10/1 means keeps the low rate for 10 years, then is readjusted every year a max of 2% with an overall interest cap at 8%
Loan payment will be $120/mo lower than current mortgage for 10 years.
And that's after taking out equity to add the cayenne and 928 repairs.

Evaluated a LOT of scenarios, just refi the house, add the car, make minimum payments, make current payments adding difference as principal payemnts, and adding car payment to principal payments. Decided best overall was to consolidate house and car.

Worst case, I keep making current mortgage payment with difference going to principal of new loan and pocket 4 years of car loan payments. Then if rate goes up to cap when adjusted in 10 years it will only be $40 increase in payment.
Benefit is will owe less in 10 years than current mortgage so could refi again if loan rates are more favorable than adjusted interest.

Plan is to make same payments as I am today for mortgage and car with the extra going to principal on new mortgage. Then when car would have been paid off, go to just what I am paying today for mortgage. At the 10 year adjustment point the principal will be paid down so much even an increase to 8% interest would still lower the payment.

The real difference instead of making principal and interest payments on Cayenne for 4 years, will be making that payment and interest on principal at beginning of Mortgage.

The financial advisors I talked to said it would be a smart move.