mortgage relief program and all the ads to refinance.
What are the income limits? Should we refinance to 15 year mortgage if we will be moving in the next 5 years?
Terry Says
I’m not quite sure about your question. If it’s just a question about refinancing — yes — do it now! As long as you have income and good credit, it pays to have the lowest rate possible. You’ll probably want to refi to a 15 year mortgage, paying less interest and building more equity in the next five years.
But if you’re talking about not being able to pay your current mortgage then contact your lender/servicer IMMEDIATELY about forbearance. If you aren’t in a forbearance program when the ban on foreclosures is lifted, you will be in big trouble!
