Mortgage adjusting up / Refinance question?
overthinkover asked:
Hypothetical situation I might find myself in down the road….
Hypothetical situation I might find myself in down the road….
Let’s say my ARM was about to adjust up considerably beginning this month. And I want to refinance.
I have an interest only ARM on a $750K home. So after paying for some years, my remaining loan balance is $750K.
Home values have dropped and my home has been appraised at $660K.
I have $45K to use as a down payment.
What are my refinance options?
Please help me understand specifics and help me do the math.
ARMAND
