you can only refinance large amounts?
Let's say I owe 30grand on a $120,000 house...and with 13 years left on a 15 yr mortgage.
I called a broker, and this person said I would need to refinance a good portion of the entire value of the house in order to get a reasonably low interest rate.
Dave, I know, would probably suggest that I do this... basically re-mortgaging as much of the home's value as possible.
What I would *like* to do is refinance that 30grand out over 30 years at the going fixed rate.
So you can't refinance smaller amounts? I would think that the bank would LOVE loaning 30 grand on a house worth much more! It would be a no-risk loan for them, right?