<prompt> Human: Hi PF! Im planning is refinancing my mortgage soon and want to know what my best options I have are.My condo has appreciated from when I bought it in 2014 at 173,000 was under market value at the time. I did not have a full 20 down payment and have 149,000 5.25 with 28 years left. My neighbor with an identical floor plan unit has an option pending at 235,000. There is not a significant difference between our units as far as updating, so I would expect to be able to appraise my place at 225k-240k once their sale finalizes. I could potentially take out about 35,000 with a refinance to consolidate debtsbuild savings. Its possible I could do that and even lower my term to 15 or 20 years without moving my current mortgage payment much. I dont currently have the savings to pay normal closing costs on a refinance, so Ill be limited to either rolling them in or finding a low closing cost option. I have significant other debts right now that feel very limiting while Im paying them down combined with my poor budgeting Im working on it. Ive done well over the last year lowering my credit card debt, but its slow progress. I feel like too much of my income is going towards interest and Im wondering my options for making faster progress or freeing up money to go into savings. When Ive looked into CC consolidation loans, theyre usually increasing my monthly payment to drop the term to 3-5 years. In 2015 I eliminated over 7,500 in credit card debt, but Ive got less than 5 of what I made left in savings. I need to make some changes, is refinancing the right place to begin? Should I take as much out with the refinance as possible? Should I try to lower my term at the same time?Basic info: 25 years old with Bachelors Degree 2 years experience in Software Development 2015 gross income salarybonuses: 86,000 Average post-taxes take home: 4,850month Credit score is around 700Current Mortgage: 1,379month 844 PI, 535 EscrowStudent Loans :Student loan interest is no longer tax deductible for me 25,942 5.25, 190month 17,247 6.55, 143month 7,222 6.55, 60month 6,853 6.55, 57month Total: 57,264 450monthCredit Cards: 5,6756,500 17.24, 121month min 4,9355,500 19.24, 90month min 4,0164,500 11.24, 45month min 2,2134,000 22.49, 100month purchases daily card for rewards 1,6712,000 17.49, 45month min 06,000 28.29, no activity, paid off in 2015 02,000 22.25, no activity, paid off in 2015 015,000 24.79 no activity, emergency card Total: 18,510 401monthCar Payment: 405month 25,000 remaining 2.9My employer has no 401k matching so I am not currently contributing to it. My condo is my only current investment until my loans are much more manageable. Bonus question: How do shared credit card balance transfers work for taxes? If I transfer a balance onto a credit card I share as a account holder not just card holder with my parents and they pay it off directly, would that count as a gift for taxes?  <response>: 2008 called... it wants its credit crisis back.OK, less flippantly, I dont like the idea of a cash-out refi. I think its too risky. However, Id look into refis to just drop the rate. Keep it at 30 years; you can use the difference much better places.If your parents pay off your debt thatd be a taxgift edit wow I can English, though note that each of your parents can give you 14Kyear without even reporting it, and amounts above that arent even taxed but counted against a lifetime limit and only above that are taxed.Consider trading down in the car. 