Reply to Want out of our lousy bubble-era mortgage

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[quote=Anonymous]If you want to tell me how stupid we were in 2005, go right ahead. I do it daily.

We bought a house for $580k, with an interest-only mortgage for 80% of the value and a regular 30 year for 10% of it. (We put 10% down.) Let's say we owe $460k on the larger, lousier mortgage.

The house is now worth maybe $620k. Not a huge increase, but definitely no loss in value.

Our incomes have stayed pretty much the same, unfortunately. We bring in about $120k, which is about a 10% increase over what it was 7 years ago. No need to go into the reasons for this; it is what it is. Also, we don't have a ton of cash lying around. Could maybe swing $10k at the problem. My credit is nearly perfect, my husband's is... not.

I'd love to take advantage of these low interest rates, but I'm really afraid that the lenders are all responsible now and won't talk to me. Our situation hasn't changed much, but the market for mortgages sure has.

Would you share some general thoughts on this? Are there online calculators that could help me get my head around it? Is it like buying a house all over again? In 2013, no one with our HHI would look at houses in that price range. 2005 was a crazy time... [/quote]

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