refinancing a duplex

[Christopher Gathe]

OK quick advice so I'm refinancing my duplex I've only owned it for almost one year, The real estate market is hot out here in North Idaho

the home gotta appraised for 100 K more than purchase price They only give you 80% of the appraised value with a cash out refi , I was hoping for more but they're only willing to give me 17k at the closing table, It will raise my mortgage $200 monthly from 1880 to 2080 Since I'm house hacking The $1400 for rent on the other side supplements my income Which leaves me not having to pay too much to cover the payment

I've been going back-and-forth, but I really need to pay off $17000 of credit card debt It will raise my credit score significantly at least and then I'm thinking 6 more months down the road I can move it to a conventional loan or take a take advantage of FHA Program that lowers my interest rate if I have a good credit score to lower my payment right back down

My credit card bills amounts to 490 monthly

( This is just the minimum payments) If I do Go through and take this to the closing table I will be saving $300 a month instantly By having to not send out 490 monthly in cc bills although my mortgage will go up $200 should I go through with it or try to plug away at the cc debt for the next year !?