We have a mortgage for 10 years. It’s really hurting us. What can we do about it? We live on a very quiet neighborhood. We took out a home loan with a very optimistic term. Since we have very short terms, our the interest rates on our mortgage is quite low while our repayments are really high. We are considering to go for a refinancing scheme to avail of some lower interest rates but what can we do to make sure that this won’t hurt us in the long run?

The home loan market is a little unstable. We don’t know what to do. If we refinance our home loan, it might extend our terms and increase our interest rates, probably not by much but it will be an issue. We’re hoping president obama’s stimulus plan keeps us out of foreclosure. That stimulus package should save us some money, too right?

I’m not really sure what’s going to happen. Home mortgages are at all time low but the value of our home has degraded. If we extend our terms and I lose my job, what will happen?

Any help will be really really appreciated. Thank you Mortgage Facts!!!!

John of Ohio.

Related posts:

1. Home Loan / Foreclosure Help from the Government

2. Save your Home, Save your Home Mortgage

3. Refinance Your Loan! Here are Some Ways – Part I

4. Low Mortgage Lenders : Hope In the Foreclosure Plan?

5. Home Mortgage Rant