Question by Happy: What’s the deal with refinancing our mortgage?
I have a mortgage for my home that is 477K and apparently zillow.com says it is worth 447K now….I want to refinance because my husband was working 2 jobs and now he’s working 1 and the bank we have our mortgage with says if we refinance we will have to pay the same amount because we have a 7.125 interest only and we would have a principal and interest if we refinanced….what’s the deal? Is there no way to get our home a better Monthly payment with all the new laws in effect?
Answer by kapn
477K and an interest only payment @ 7.125 you need more help than I can give you……..sorry 3K a month in interest only is more than I can understand……….your credit must be in the toilet…………sorry……
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