OK...I consider myself to be a relatively educated fellow, but when it comes to things in the financial world I am pretty dumb.
In fact, I have a 3 hour meeting tomorrow to sort out my school loan consolidation. :
About 18 months ago my fiancee and I purchased a home with no money down/seller assist. As a result our mortgage is significantly higher than it should have been for what we paid.
In fact, when I go to those mortgage refinance websites is looks like we can save almost $300/month if we refinance.
Well...thats something I know NOTHING about.
What are the pros/cons to refinancing?
How does it work?
Right now the house is completely in my fiancees name for liability reasons. She has excellent credit and her annual salary is about 70% of the purchase price of the home.
What would be the first steps to refinancing?
Would it make financial sense to refinance if we may be selling in 1-3 years?
What about an interest only mortgage if we dont plan on staying that long? Longest we would be in the house is 7-8 years.
When we refinance...is it as simple as rewriting the terms of the mortgage with another company, or is there some other piece of the puzzle I am missing.
I apologize for throwing this out there...but reading these FAQ websites just makes my head hurt. I guess I just dont understand the terminology!
Thanks
In fact, I have a 3 hour meeting tomorrow to sort out my school loan consolidation. :
About 18 months ago my fiancee and I purchased a home with no money down/seller assist. As a result our mortgage is significantly higher than it should have been for what we paid.
In fact, when I go to those mortgage refinance websites is looks like we can save almost $300/month if we refinance.
Well...thats something I know NOTHING about.
What are the pros/cons to refinancing?
How does it work?
Right now the house is completely in my fiancees name for liability reasons. She has excellent credit and her annual salary is about 70% of the purchase price of the home.
What would be the first steps to refinancing?
Would it make financial sense to refinance if we may be selling in 1-3 years?
What about an interest only mortgage if we dont plan on staying that long? Longest we would be in the house is 7-8 years.
When we refinance...is it as simple as rewriting the terms of the mortgage with another company, or is there some other piece of the puzzle I am missing.
I apologize for throwing this out there...but reading these FAQ websites just makes my head hurt. I guess I just dont understand the terminology!
Thanks