[TNA Ambassador]

Lets say you brought a home for $500,000 with a 6% intrest rate in 2000 and now its worth 275,000. Can you go to the bank and get a new loan for what the house is worth today with a lower intrest rate for the next 20 years or will it be for 30 years?

[paapaa]

nope, you still owe the original amount

[paul3334]

First , you stil owe money, from initial loan
Second: it depends if you can pay back the new loan.
But definately that will be a suicide: you will lose your home.
Be wise and pay your first loan. than you can apply for another.