Questions on refinancing my mortgage?

Question by honeybaby729: Questions on refinancing my mortgage?
I’m hoping someone can help. I am confused. My current loan is an ARM, for 30yrs. My payments went up this month. I need to refinance ASAP.

My loan is interest only, does that mean everything I paid in the last two years is lost?

I’m uncertain how much my house value as changed since the market is off. I had a bad experience with my last broker, right before closing my rates went up.

Are there any benefits dealing with a local bank? And are those rates they show on their websites legit? How would you choose the right one?

Who will most likely charge less in fees?

thank you : (
my “balance” is $ 165,000. Two years ago before I sent around $ 15,000 on improvements my home was appraised at $ 210,000.

Best answer:

Answer by goz1111
you are in the same position as many other people in the USA

on the interest only note, it means over the last two years you have only paid the interest on the note and not the principal

on can you refinance need to know more facts best to talk to some one but if you have a 100% note and the value of your home has decreased in the last two years you probably will not be able to refiance

What do you think? Answer below!

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