Back to Results
We have a 7/1 ARM at 4.75% that will adjust in 5 years. I contacted our lender, and we're elgible for the "Loan Modifcation Program". We'll be able to get into a 30 year fixed and save approx $150 a month. The refinance will cost about $3500. We've lived in the house for 9 years, and have refinanced 4 times. Our home is worth just about we owe. Ideally, we would like to upgrade in two years, and keep this home as a rental property. But, we don't know how that works - - having two mortgages in our names, and whether or not we'd even be approved for a second home. My husband needs some convincing. He thinks we should wait and see if interest rates will drop. I don't know how long the "Loan Modifcation Program" will be available? Is now the time to refinance or should we wait? Would it be worth to refinance now, and then end up selling the house since we can't get a second home? Thank you in advance for your words of wisdom :)
Please enter a valid email address.
Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow, please let us know by completing the information above.
We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.
Please enter text in the "Enter the text to display" field.
Please enter text in the "Enter URL" field.
Please enter a valid URL.
Please insert a video embed only
I don't mean to sound harsh, but your husband seems to be a bit greedy here. The fact that there is a way to save money when you owe the same amount your house is worth, is a great deal.On the other hand, it doesn't necessarily make sense to spend $3500 to save $150 a month.As for buying another house in 2 years, I'm not sure why you would qualify or need a modification while thinking about buying another house...If you qualify for a modification, it means you are having a tough time affording what you already have. Please don't consider anything more than affording what you have.
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.
For Sale: $479,000
For Sale: $399,000