Refinance or First time home buyer?Hi,We will be taking over my in-laws house (they're retired now); it's a 4bd/3.25bath and 3,431 sq ft house on 12,250 sq ft lot they bought for $635K at the peak of the housing market in 2005. Currently, they owe $377K and the Zillow zestimate of the house is $392K. My dilemma is: Should we acquire this house via a refinance (my in-laws refinance their loan and add us on to the loan) or buy it from my in-laws as a first time home buyer? My in-laws will be living with us and vice versa so the point of doing this is to bring our monthly mortgage payment down (currently $3,200 at 30-yr fixed loan of 6%). We're new to this housing and loan stuff and are trying to assess the pros and cons of our 2 options. Any advice would be greatly appreciated. Thanks!May 06 2013 - US00YesReport a ProblemProblemSelect oneOffensive contentIrrelevant contentSpam (pure self-promotion)OtherDetailsYour emailPlease enter a valid email address.Submit CancelContent flaggedWe will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.We're sorry. This service is temporarily unavailable. Please come back later and try again.