Can we refinance yet? Help.
Here is the situation: We are a married couple with one son who bought our crappy tract house in East Bay San Fran approx 5 years ago at the all-time high for $850K (moving due to tech company buy out and subsequent layoffs from Baltimore MD) purchased with interest-only loan. Put $200K down w/ $650K mortgage. House has now been recently tax assessed at $632K. Bummer? Yes. But can we now renegotiate the loan before the balloon hits next year to a regular fixed 30 year? We have no debt save for a car payment ($339/mo). Excellent credit. Never have taken out any home equity loans, this is the fourth house we've owned and we are now 50. Salary (two professionals working three jobs) was approx. $169K last year. Any advice is appreciated.