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    olesuds1's Avatar
    olesuds1 Posts: 20, Reputation: 1
    New Member
    		  
    #1

    Aug 22, 2007, 05:09 PM
    Is it worth refinacing a small mortgage?
    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's Avatar
    DianeV Sr Loan Officer Posts: 76, Reputation: 9
    Junior Member
    		  
    #2

    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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