Asked by cookhelen944  |  Submitted September 30, 2016

We need to refinance our mortgage to lower payments. What's the best way to do that?

We have a 3.75% mortgage with a $218,000 balance and no escrow. We purchased in 2008 for $225,000 and had to modify the loan once so there is a $45,000 balloon at the end of the loan. We have an FHA loan after the modification.

Report Question Report

  Leave Answer

Sign in to MoneyTips
By submitting you agree to our Terms of Service

  Answers  |  1

October 10, 2016

Hi cookhelen944

I am not a proponent of debt refinancing that creates more debt. Our group focuses on equity financing and living within the created cash flows.

Every situation is different. So, please provide more information on your situation - like is your income greater than your expenses, the value of the home vs the value of the mortgage, etc., we can customize something that is both affordable and in your best interest.

You can contact us directly to discuss further. No obligation.

It's not what you make; It's what you keep that determines your lifestyle.

$commenter.renderDisplayableName() | 09.29.20 @ 14:56