12-11-2009, 06:46 PM
The biggest one right now is the appraised value.
It might come back 20, 50, 80k less than what you need to pay off the current loan and then they'll want you to pay up the difference or no deal.
If there are any up-front fees, kiss 'em bye bye at this point if you don't want to put money in. OTOH with 2 recent deaths in the family I suppose there's some chance there's some cash around.
Personally, I don't think of a mortgage as something to be paid off-- basically you're renting it from the bank but you have the freedom to paint the walls black and install a fur sink and an electric dog polisher if the spirit moves you. Eventually you'll probably sell, so whatever you can do to lower your monthly payment is the way to go.
It might come back 20, 50, 80k less than what you need to pay off the current loan and then they'll want you to pay up the difference or no deal.
If there are any up-front fees, kiss 'em bye bye at this point if you don't want to put money in. OTOH with 2 recent deaths in the family I suppose there's some chance there's some cash around.
Personally, I don't think of a mortgage as something to be paid off-- basically you're renting it from the bank but you have the freedom to paint the walls black and install a fur sink and an electric dog polisher if the spirit moves you. Eventually you'll probably sell, so whatever you can do to lower your monthly payment is the way to go.