I am trying to refinance at a lower rate, but missed my last mortgage payment. Are there any lenders that will work with me?
Answers | 2
If you do refinance, even it goes down to a lower rate, and it doesn't meet those two guidelines, then it may end up being more expensive than staying put with that 'higher rate' you currently have.
One final question as food for thought - What will do you with those monthly savings (if you do save money on the new payment)? I would make sure that you're investing those funds at a minimal guaranteed rate of return to make your dollar do more than one thing at a time. Hope this helps.