refinancing question related to the dropping interest rates?
How do you go about it?
We’ve lived in our home approx. 18 mos. The mortgage we took out was an 80/20… which means 80 % mortgage, and 20% home equity. So the mortgage is a fixed 30 yrs @ 6.5 %; however, the equity is a variable 15yr at about 7.25% right now.
Is it possible to refinance, at least the variable rate. Is it worth it to try a refinance or will it not make much of a difference, and does refinancing affect your credit in any way? I don’t want to ruin my credit. Thanks