Is it worth refinacing a small morgage?

olesuds1 · #1 Aug 22, 2007, 05:09 PM

WE owe $50.000 on our home which is worth $450.000 (Interest Fixed 7.85% ) excellent credit rating.
I am only interested in a lower rate. Not borrowing any money. Paul.

DianeV Sr Loan Officer · Aug 22, 2007, 08:48 PM

Probably not. You seem to owe more than the house is worth so you may not be able to get refinanced anyway. If you can, I doubt the rate would be much lower because of the lack of equity in the house.



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