[AlanIAM]

lower than loan amount? Say I own a property with a current market value of 75,000 and my loan amount is 85,000. I expected to be able to refinance my 6.5% rate down to something like 4.0% but the mortgage company says no because I'm upside down in the property. Is this right? Seems to me they loaned me 85,000 at 6.5% so why not refinance that same loan down to 4.0%?Thank you for the answers. You say "You are upside down on your mortgage. You cannot finance a home for more than it's worth." The way I see I am already financed for more than the house is worth. Seems to me this same mortgage lender should let me refinance to the lower interest rate for the "same amount" (not the current property value).