Basically replacing your loan with another (same terms or better) but with lower payments. Feel free to contact me and good luck to you whatever your decision is.
Susan Gregory (firstname.lastname@example.org)
In addition, you will need a new appraisal on your property, and the property MUST appraise above the mortgage amount. To get the best rates, you would need to have at least 20% cash equity above the new mortgage amount. With prices falling, you may not get the new appraisal you need to qualify for a new loan as good as the one you already have. Good luck to you.