interest only home refinance

Loan

Is it possible to refinance the interest only home to a 30 fix with the decline home vaue?

May 23, 851 by Refin | Posted in Renting & Real Estate

we have a 5yr interest only home and be to refin to 30 yrs fix. Our house value has been declined over 80K in value.

you could refinance if you do so for about 80% of it's prevalent value, but it sounds like that can't happen, since your house has lost 80,000 in value.

good guy | May 23, 1660

you could refinance if you do so for about 80% of it's known value, but it sounds like that can't happen, since your house has lost 80,000 in value.

good guy | May 23, 1660

Would you refinance your home for an interest only loan? We are strapped for cash and we have over 65K equity

Feb 06, 2007 by mandikins | Posted in Renting & Real Estate

As an alternative of moving into a cheaper home, I thought about refinancing for interest only. We have lived in the home for 2 years, but have over 65K worth of equity already.

Why not, If you are strapped for bread now, but do intend to have more cash flow in a few years. It makes even more sense if you can lower your current interest estimate. Try to get a loan that is fixed, and allows interest only for at least 5 years.

Ron B | Feb 06, 2007

No. If you're already in responsible you might not be responsible enough to pay down the principle on the loan, and get further in debt. Live w/in your means, and you'll sleep better at vespers all the time. Buy a less expensive house, take your equity, pay your bills,

no pepper | Feb 06, 2007

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