Stella_Barbone
Dryer sheet wannabe
An annuity is probably not a good idea. They are excellent for making money for your financial advisor.
Talk to your lender about the house -- they are apparently a lot more flexible now than they were at first. They don't want to be stuck with any more houses. We moved for my husband's job in 2005 so I feel your pain although the money is not lost until you sell. A straight re-fi should drop your payment. We already did it once and are thinking about doing it again since rates are even lower. You could look at a 20 year fixed or a 10/1 ARM. With the 10/1 ARM and a point on the loan you could get your payment under $1K. In 6-8 years you will have recovered the price, I suspect, and then you can sell before the payment adjusts since rates now have no where to go but up. Perhaps you could downsize into smaller place and rent out the current house?
You can get an idea about rate:
http://www.mortgage101.com/mortgage-rates-home
Talk to your lender about the house -- they are apparently a lot more flexible now than they were at first. They don't want to be stuck with any more houses. We moved for my husband's job in 2005 so I feel your pain although the money is not lost until you sell. A straight re-fi should drop your payment. We already did it once and are thinking about doing it again since rates are even lower. You could look at a 20 year fixed or a 10/1 ARM. With the 10/1 ARM and a point on the loan you could get your payment under $1K. In 6-8 years you will have recovered the price, I suspect, and then you can sell before the payment adjusts since rates now have no where to go but up. Perhaps you could downsize into smaller place and rent out the current house?
You can get an idea about rate:
http://www.mortgage101.com/mortgage-rates-home
