Im refinancing my housedoes this sound like a good deal?

Adria
165, 000 interest only loan for the first 10 years...30 year mortgage @ a fixed rate of 6.85% ???????? my credit score is only a 626 and my income is around 38, 000

Bess
If this payment is lower, go for it.

Jim
Be really careful with interest-only. That means you grow no equity for the next 10 years.

Reina
Just a thought. . .I have never liked 30 year mortgages because it costs you just a bit more monthly to pay off in 20 years. That's a lot more interest you pay. If you're refinancing for a much lower interest rate, it's a good idea but if you're like my sister and trying to pull out any principal you've paid, you'll feel like she does now. At 67 she'll be working forever.

Danielle
Sounds pretty good. A couple weeks ago that rate was much lower. With that score I'd be content with that loan.

Paz
sounds good