Need Mortgage advice

Meena01

Hi,
My name is Meena and I am new to the forum. I feel that I have unique mortgage situation, because I can't seem to figure out what to do.

My dad bought a condo with the mortgage in his name at 8%. He put his, his wife and children's names on the deed. He took out a 30 yr mortgage in 1992. He passed away in 1997. Since then, we have been continuing to pay that mortgage because it seemed like the easy thing to do at the time and still I don't know what to do so we're continuing to pay at 8% ($30k left to pay but at 8%). Mortgage rates are so low right now, but our property taxes have been creeping up. I contacted some lenders to see if I can try to refinance, their numbers are not that far off from what I am currently paying. I have very good credit so I am assuming with all the refinancing cost, interest, the number of years (they show me 15years because I have only 10 years left on the existing mortgage), I can't figure out if it makes sense to refinance. I feel like all these years we have been continuing to pay at 8% like idiots and forked over so much money to the bank. With the property values being so low, it's hurting me more to think that I am continuing to make monthly payments at 8%, property taxes have gone up, property values have gone down so I feel like I keep digging the hole even deeper in equity by continuing to pay this mortgage. I don't get to write off taxes and mortgage on my federal taxes every year, I take standard deductions..some years it comes in handy, but not all the time. I can lower my state taxes by taking home owner's tax exemption by applying my property taxes, but that's it. I tried to figure this out from every angle possible, but can't seem to understand, what makes sense financially. I feel that everything I am earning is eaten away by unnecessary stuff whether it be high income/property taxes, mortgage. So I am turning to the this forum for help. Please help, I need ideas/suggestions to figure this out.

Thanks

Meena

blueberrypie

Hi Meena,

This site is a British site, and all the information you find here applies to the UK. From your post it sounds like you are in the US, and so you really need to find a website or a financial advisor which can advise you in accordance with US rules, practices, taxes, etc.