I would make lots more money by telling you to refinance right away but I am going to suggest the following instead. Is your mortgage interest will be adjusting in the next 6 months. If you are one of the many people who bought at the height of the market and your property is worth less today, there is good news from many banks. Many of the lenders are gently raising the interest rates by small amounts so payments are going up by only $50-$70 not $100s. So instead of trying to refinance, having to bring in money to make up the difference between what you owe and what the property is worth take the lite interest increase. I have had 2 clients get letters, about 60 days before the interest change, from their lenders saying they were raising the rates and their payment by very little amount. They both decided to take the rate instead of refinancing for another year. You should call your lender and see what kind of rate and amount they may be offering you, it maybe that you stay with them another year or so until the market settles. If you decide that you still need to refinance, I will go to bat for you.
Laura Kostyo, Broker at Star Team Realty and Broker at Celebrity Mortgage has been in real estate for over 20 years working and is experience in this cyclical market. You can contact her at 480-694-8807 or email Lkostyo@cox.net.
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