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octotron3000 OP t1_j6kkgm9 wrote

So once I refinance with someone else, they take over my loan all together?

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TheVaneOne t1_j6ma2gk wrote

Basically, you call up the new place, say hey I've got a shitty loan, can you beat it? They say yes or no. If it's yes, they basically pay off the old loan, and you pay them now, hopefully with a better interest rate. Might cost a fee, but if you can't sell it right now, then this will at least save you money in interest and lower your monthly payment. You could still pay it down enough to sell it, but it's up to you. Doesn't hurt to call.

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