Hello MM's I am new to this blog and this forum. I'm pretty frugal to begin with, but things have gotten a little out of hand for the past few years. 10 year old Business is finally doing very well. I'm currently trying to turn this around. I've started calculating all expenses and income more closely. I'm working on writing a case study, but haven't finished yet. In the meantime I have an urgent question. Fearing that interest rates are going to go up, I want to make some moves. I'm thinking about doing a refi (3.75%) and using some of the equity to pay off a student loan. I would also have to pull money from my savings to pay remaking student loan balance. I would then pay extra every month to get it paid off in 15 years. Is this right or should I invest my savings? Hair is currently on fire, but big Facts are listed below.
35yo single income
Married
2 kids (3&5)
Business owner 250k income
401k savings 150k
Bank savings 145k
Mortgage 330k loan, house value 525k (4.375%)
Student loan 135k (4.625%)
All other debts have been paid off. (CC, auto etc.)