Mortgage Plans
What is the best refinance plan to reduce my monthly Mortgage payments?
I’m looking for the best plan as in:
- Not getting my face ripped off in closing cost
- Not increasing my current interest rate of 5.8 to something over 8%
- Not having to pay thousands in points
It seems I’m having the same dilemna as when I bought my house and rates were supposedly “low” 4 years ago. I know I can’t win, but I simply can’t afford my current mortgage payment of $1500+ a month on a house I mortgage $185K for.
Since 5.8 is a pretty fair deal, you will need to go to an interest only loan. They have loans that are fixed low interest loans that allow interest only payments for the first ten years. Current interest rates on these loans is around 6.75 %. This will lower your payments down to just over 1000 a month.
The best bet for you is to find a good mortgage broker and ask them what they charge. After all the fees you will spend around three points. You can ask to spend less on the points, but they will have to raise your interest rate and thus your payment to do so.
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