Mortgage Refinance

Mortgage Refinance?

I have a 1.25% negative am loan that i need to get out of, i currently owe 673,000.00 for both my first and my second, my question is can i get a loan that is not a negative am loan and have my payments at 2,500.00 including my taxes? Even if i have to get myself into an interest only loan for the first 3-5 years or so, by then my wife and i would be off better financially and can refinance into something fixed. My home is worth about 750,000 so i still have some equity in it and have had this negative am loan for about 2 1/2 years now. I was on lending tree and put my info in the mortgage calculator and it brought out different scenarios and one did have a payment of 2,400.00 is this realistic? i pay 8,000.00 in real estate taxes a year.
I realize i cannot get an interest only loan plus get my taxes paid for $2500.00 So can i get a payment of $2500 without the taxes? for 673,000?

If you really can’t make the payments for a 5yr ARM Interest Only of about $3,365 + taxes and insurance. Then you’ll need to sell the home and get into something affordable, or refinance into another Option ARM with a 5yr fixed margin, I think your currently Option ARM is rising at a monthly rate. If you really need more time before your credit is damaged, I think the best bet will be another Option ARM but with a FIXED MARGIN.

Refinance Mortgage Rates