Have a 6.5 interest only mortage - company now offering lower interest, do u refinance to obtain losing all paid todate?

Not quite sure of what you are asking here Kim, but feel free to give me a call to discuss at (803) 381-5149 my name is Travis Torcoletti and I'm with Ikon Financial Group.

The only thing you have paid to date is interest.. you have not paid anything on your principal, and you will continue to not pay anything on your principal until you either refinance, or get to the amortizing period of your loan where your loan turns into a fully amortizing loan... usually after 10 years.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

On an interest only loan, everything you pay is "Lost". This is the income of the bank. Refinancing into a lower rate should be beneficial, but you want to make sure the fees and the rate they are offering you are competitive. Make sure you take the offer they give you to a local Mortgage Banker or Broker to get a comparison quote. Most times the local Mortgage Banker/Broker can beat the offer of the big banks because our overhead is so low. DO NOT assume that the bank is going to do you any favors. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

What would you be losing, the amounts that you paid to recently close the last loan? You are currently not paying principal, and the interest rate is more than 2.5% away from the current rates. Your payment would probably go down, in addition you would be paying down principal and also save thousands off the life of the loan with reduced finance charges. How long does it take you to break even, if you plan on living in the home longer then your breakeven point, I say go for it!

I am unclear what your question is.

You dont lose anything. You are simply going to borrow enough money from the new bank to pay off what you owe to the old one. You will start a new loan with the new bank and start paying that off acccording the the terms you agree on.Joe Shamie 866-970-3400 x-274

Looks like others have pretty much covered it - depending on what your complete question is. If you are paying interest only, you still owe the full amount you originally borrowed unless you have made extra payments. (That's what interest only means.) I lend in GA and will be happy to talk you through the options. pdumouchel@primelending.com or direct 843.619.6025 You definitely should take advantage of locking inlower rate and start paying on the principal as well, even if the payment doesn't drop as much as you would like.

If you are asking about losing all the time you have paid into the mortgage, yes your "clock" will start over with what ever program you chose say 15 or 30 years. The new loan will be based of the current pay off and lender, title fees if you chose to roll those in.