05:44PM | 12/05/06
Member Since: 12/04/06
1 lifetime posts
I purchased a home a year ago and now desire to cash-out on the equity in my home by doing a refi. My purpose in considering to do this is to pay off high balance credit cards and have 100k or so to use as money to start flipping homes. I'm somewhat skeptical due to losing a 5.75% rate on my morgtage and taking on a higher rate of 7% to secure the loan.I've looked at several option with a 5/6 ARM. Any suggestions. The other part of this equation is my family and I may want to buy another home in 5 years, what challenges will I have if most or all the equity is stripped out now..please help...thx

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