Question by Robert: Should I refinance with less than 5 yrs left on my current mortgage?
My mothers owes about $ 20,000 on the house making monthly payments of nearly $ 1,000.00 (not sure of the interest rate). The home is worth $ 150k. She won’t be able to keep up with the payments, should she refinance? If so, how long should she extend the payments?
Answer by Oldwhiteguy2earth
You’d have to know what she can afford to determine the term of the loan. Go to Amortization Tables on the internet to decide what length of loan to take. Also, you may have a heck of a time finding anyone to make a loan on that small amount of principle – it’s not worth the paperwork. Perhaps she should look at some kind of reverse mortgage.
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