Question by shinypearl36: 5year fixed rate refinanced mortgage, must it pay an interest?
my mortgage term is 25 years. for the first 5 years I’ve payed what I belive is mostly interest.
now, when I refinance do I also have to pay most of the interest within the first 5 years?
Answer by financing_loans
you will just need to refinace your current principal balance. Get a payoff, what the current payoff is will be what you refinance.
There is not such thing as back interest, unless you took one of those interest only freaky loans. Or a neg am loan. Just get your payoff. Im sure you are fine.
What do you think? Answer below!