Did I hear this right?

[masterassdragger]

In the last episode did they say they only have 7 more yrs on their mortgage and then refinance to get a 30 yr loan?

I was confused the whole episode wondering how on earth they only had 7 left and if so why they would refinance that to a 30 yr loan.

Any insight would be helpful, thanks!

[dlemond]

I saw the episode and that is what they were doing.

I don't know how they got to only 7 years left - how many years are they supposed to be married? If it is like 13 then they had a 20 year loan and the payments would be pretty damn high unless they had a HUGE downpayment.

But if they did refinance the last 7 years into 30, their payments would be ridiculously low, therefore freeing up a lot of money.

[masterassdragger]

Thanks dlemond!

I thought I was going crazy!

The whole show I was focused on the finance part wondering how much they were paying a month and how much they put down, and all those little details. Drove me bonkers :P