Long story short, we’d like to refinance our mortgage from a 30-year fixed to a 15-year fixed; we’re 2 years and 5 months in. If we can get our rate down a couple of points, we’d have almost the same monthly payment. The one catch is that because of all the foreclosures in our neighborhood, prices are all over the damn place. We put 10% down in Feb. 2010, and have been paying off a few hundred a month in extra principal.
So far one broker is saying it may not be totally hopeless even if we don’t have 20% equity; our credit is excellent, we have both been at our jobs for several years, etc. The one nutty variable is the state of the market in our neighborhood. Our own lender has yet to actually return a phone call so far.
Anyone have a similar recent experience? Any tips?