How do I refinance my mortgage?

Question by unlargocaminoalcielo: How do I refinance my mortgage?
I wanna refinance a 30-year mortgage. I’ve been living in my house for a year and have a prepayment penalty of 2 years. Two points. My loan is 80-20 and my monthly payment is 3600. How can I refinance a loan of 520 to get 20000 on cash and reduce my monthly payment?
Price for the house has increased… I wanna know how does that affect the mortgage.. Is it good for the loan?

Best answer:

Answer by sunshine_today
Has your house gone up that much in value in one year? The $ 20,000 plus the prepayment penalty? Probably not.

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