Having Second Thoughts

Expert, localized Los Angeles answers provided by Heather Roy

Having Second Thoughts
	We rushed out of NY and bought a house in CT in 2007 due to our son's special education needs. We now realize had we rented now and purchased and purchased later we probably could have gotten a better rate. Is there anyway we can refinance even though we have not built up equity?

	You might be able to get a new loan for a smaller amount, if you're willing to use some of your own cash to pay off the previous mortgage debt. In other words, you'd borrow less, increase your down payment, and have more equity in the house. Otherwise, I don't see any way to refinance.
	Edith Originally published on January 28, 2009

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