My husband is back in full time school in two weeks. We thought we would sell no choice but to our house and have to rent. But yesterday, my father suggested switching our mortgage on the interest and repay capital at low interest rates. I do not want to leave my house. This is my house. Any advice would be appreciated.

The mortgage company can probably only happen to you. As someone said, you may have to refinance.

However, your payment is not covered anyway.

For example:

The payment on a $ 100,000 conventional loan for 30 years at 5% is $ 536.82.

The payment of $ 100,000 interest only loan at 6% is $ 500.00.

A saving of just $ 36.82 per month.

Someone I know has tried to interest only mortgage refinance and they discovered that the payments not made because of the higher interest rates.

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