My little writings on mortgage rates
First, determine if you owe more on your mortgage than your property is worth. Some homeowners in areas hardest hit by plummeting values are in this situation. You will not be approved for mortgage refinancing if your current mortgage is higher than the value of your home. In fact, many lenders offering mortgage refinancing now make 20 percent equity requisite. If you pass the home equity test, move on to calculating the cost and benefits of mortgage refinancing.