Close

See current mortgage rates on Zillow Mortgage Marketplace

Profile picture for MDK4

I have a 15 year mortgage with less than 14 years left and would like to refinance/ take the wife

off the loan and maybe go back to a 20 year or 30 year. House is worth about 190k and I owe 175k.
Where do I start? 
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
October 07 2010 - Florence
We think we've answered this question for you!
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
 
 

Answers (6)

Find someone who understands what it is you want to do, the position you are in and that you like.  Rates are great, take advantage of the market.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
October 20 2010
You will have a number of options. Look at the different payments for, say, the 15-, 20-, 30-year amortization options. Make sure there is no prepayment penalty so if you choose to accelerate the payment to catch up at a later date there is no negative after-affect.

If you end up with an FHA mortgage be aware of the Mortgage Insurance (MI) both upfront and monthly (more than 15-year mortgages only) costs. If your existing mortgage is an FHA mortgage, find out if you are owed a refund from your previous FHA MI premium which may or may not cancel it out on your new mortgage.

Once you identify your options, be sure to determine which is best for your current situation and look ahead to make sure it is not in conflict with your future situation.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
October 20 2010
Melvin - you might want to read Zillow's Good Neighbor Policy again, providing contact information in a response is against the rules.

MDK4 - Contact a licensed mortgage professional in your area, they'll be able to give you all the numbers you need to make an informed decision.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
October 20 2010
One is enough! #:>)
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
October 20 2010

[Deleted for self promotion]

  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
October 20 2010
You need to get qualified for the refinance, I would start with talking to a license loan officer.  It looks like you're at 90%+ financing so if all other variables work out you should be able to get it done.  This should provide you with some more cash flow, just watch out for the PMI.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
October 07 2010
 
Related Questions
I want local lenders only to Union Kentucky 41091 with payments lower than $900.00 and no pts.
Profile picture for Joel Lobb
Latest answer by Joel Lobb
April 11 2013 | 4 answers
  • Asked by lv2travel221
  • In Refinance
  • January 31 2009
I have a 15 year mortgage with less than 14 years left and would like to refinance/ take the wife
Profile picture for Brian Napierala
Latest answer by Brian Napierala
October 20 2010 | 6 answers
In the new bill, any options for homeowners who are not at risk of foreclosure?
Profile picture for sunnyview
Latest answer by sunnyview
February 21 2009 | 1 answers
  • Asked by mclarensr
  • In Refinance
  • February 21 2009
How long is an appraisal valid? We are refinancing our home that we just purchased in July.
Profile picture for Barry Dalton
Latest answer by Barry Dalton
January 12 2009 | 3 answers
  • Asked by sallyliz21
  • In Refinance
  • January 12 2009
Mortgage Rates
 
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.

Homes for Sale
  1. 27 Eastern Ave, Elsmere, KY Home For Sale
    27 Eastern Ave, Elsmere, KY 41018

     For Sale: $84,900

    • Beds: 3
    • Sqft: 1224
    • Baths: 2.0
    • Lot: 7501
  2. 7815 Stockton Way, Florence, KY Home For Sale
    7815 Stockton Way, Florence, KY 41042

     For Sale: $179,900

    • Beds: 3
    • Sqft: --
    • Baths: 3.0
    • Lot: --
  3. 10203 Waterside Ct, Union, KY Home For Sale
    10203 Waterside Ct, Union, KY 41091

     For Sale: $290,000

    • Beds: 4
    • Sqft: --
    • Baths: 4.0
    • Lot: --