Submitted by Anonymous on Thu, 09/18/2014 - 11:06
Can an interest only mortgage be refinanced into regular mortgage
Can an interest only mortgage be refinanced into regular mortgage
My son has an interest mortgage loan and virtually no equity in the house. What is best way to refinance at a lower payment? House value is $280,000 approx. Loan balance is $245,000 approx and his monthly payment is $1700 (includes taxes and insurance). He has a 6.50% rate. What is best way for him to refinance. He is married and they both work. They need to get out of this interest only loan.
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Not sure the payment would be lower because they will be paying principal however rates are a lot less than 6.5% do they may at least come out with a payment similar to what they have now
they need to apply and have someone show them their options -
Do they have good credit?
Brian Barnes
ENG Lending - Doing mortgages nationwide since 2003