Asked by Carlos  |  Submitted November 03, 2016

I owe $30,000 on my mortgage and want to refinance to a lower rate, around 3%, and take out $15,000 in equity. Is that possible?

I only owe $30,000. I want to lower interest rate to the maximum possible-3%. with cash back of $15,000, adding a second co-buyer( borrower) with good credit if will make rate better. It would be a fixed rate at 15 or 30 years, depending on the monthly payment. I currently have a fixed 9% rate-30 years mortgage with a life of 16 years,

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  Answers  |  1

February 01, 2017

If your score is good, you can probably do better than 9% but 3% might be tough to get. I would recommend using the site search (look for the magnifying glass at the top of the page) to find lenders in your area.

Be sure you stay on top of what your credit score is, and how it's changing by signing up for Credit Manager by MoneyTips.

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