Underwater Homeowners and Refinancing
Don't give up hope, however. You might, thanks to government programs, be able to refinance your home loan even if you are underwater.
Is it the right time to refinance your home?
Depending on when you purchased your home and the rate you have on your current mortgage, the time might be right to refinance into a new mortgage.
Should you refinance into a shorter term mortgage?
If rates are low enough, you'll be able to save this money without having to pay a monthly mortgage payment that's too high for your budget.
Cash-Out Refinancing or a Home Equity Loan?
Which of these two options is best for you? As always, it depends on your personal financial situation and your goals.