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We are under water and planning to take advantage of the new HARP program coming out in March to help home owners that are current and more than 125% under. We want to refinance to get a lower rate. We are currently at 6.5%. We want to move to a better neighborhood as soon as possible. We have considered a strategic foreclosure but value our excellent credit and are scared of the negative affects. So, we are definitely going to try to refinance under this new program either way. We have lived in our home for 7 years. We currently have a 30 year fixed.
Our dilemma is do we refinance to another 30 year term, lose the years we have already paid into the house , to lower the payments several hundred dollars a month. Or, do we refi. to a 15 year term, cut 8 years off the term, cont.but only lower the payment a small amount? The extra money would be nice but our ultimate goal is to get out of this house as soon as possible.