Refinance Interest Only
Is it possible to refinance interest only home to a 30 set with the decline vaue home?
we have a 5yr interest only home and want to refine to 30 yrs fix. Our house value has declined over 80K in value.
you could refinance if you do it for about 80% of current value, but it sounds like can not happen because your house has lost 80,000 in value. Sounds as if you can stand with your current loan, but take heart, if you can stay in the property for another few years, value will increase. I have been in real estate as an investor for over 30 years and real estate prices go through bad times as we see today, but every time the prices climb back to where they were, then go higher.