Question by Nick B: How can I lower my mortgage payment?
We own a house, we originally paid 160K for and now owe about 147K. We have a 6.75 fixed intrest rate for 30 years. We would like to refinance, but we have lender paid PMI, and so far our options havent been saving us more than 100 dollars a month. We are currently using a broker, should we try a bank. Also, should I consider contacting my current mortgage company? We have no change in income, but apparently got in over our head with debt.
Answer by Zarg222
depending on when you bought it, it might be worth less than you owe (like my house bought in 2006), thereby preventing you from refinancing at a lower interest rate(like me)
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