Need help with mortgage ideas for refi-ing and lowering payments?
My husband and I owe 172k on our house and it appraised at 215k in July of 2006 when we did a Texas Cash Out loan. Our current interest rate is 7.875 and our PI payment is 1244.00 a month. There is no doubt in my mind that the house would appraise for 230k due to the market in our area. We can make the payment, but it is a struggle. My husbands credit score is around a 600 and we have made our payments on time every month since 10-2005 except one payment in12-06. I have contact our current mortgage lender and discussed a refi with them, however they tell me that the interest rates are on the rise and can’t help me? Does anyone have any ideas what we can do to get our payments lower without selling the house?