Mortgage Refinancing Advice

by Gill F from Texas

Regarding Mortgage Refinancing Advice: Help! I need refinancing advice! Is there any way I can refinance my mortgage if my property is valued at less than I owe my present mortgage company?


I currently pay 7.25% interest rate in Texas. My mortgage company refused to refinance my loan to a lower rate. The property was valued at $3000 less than the balance of my current loan.

Although I currently have a mortgage with a reputable nationwide loan company, can I and should I shop around?

My credit is not great, I purchased the property in 2006 and it is the first I have purchased in the US. Since I'm pretty new at home ownership, I could really do with some refinancing advice. Please help! Gill

Kate Answers: Mortgage Refinancing Advice

Dear Gill, Congratulations on becoming a homeowner. Now you want to stay a homeowner.

For this reason, please take action if you need to refinance because you cannot afford your monthly payment.

In cases like this, I suggest a couple of steps. You will probably think of more as you start to take action.

1- Call your loan servicer and ask for help. This may or may not be the same company that originated your mortgage. If you are not sure who your actual lender is, go to Locate Your Lender To Stop Foreclosure for help.

2- Homeowners having trouble affording their mortgage payment are being helped by Hope Now, a mortgage industry alliance assisting homeowners in distress.

3- FHASecure is a program that might help in the situation of a low appraisal preventing mortgage relief, as you describe.

4- Now is a great time to go to Eight Strategies To Stop Mortgage Foreclosure because the more you know, the better chance you have of saving your home.

Best Wishes,




PS What if you could turn YOUR dreams into reality? Now you can. This is MY story of dreams coming true.

Return from Mortgage Refinancing Advice to Get Your Best Mortgage Rate

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You can also ask Kate about your mortgage at Refinancing Advice The Nuts and Bolts.

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