I purchased my house in 2002 for $174,000 with a VA loan. I currently owe about $126,000. I don't know if I am underwater at all. When I look at on-line estimates of the value of my house, I see estimates of around $100,000 to $110,000.
However, when I look at houses on my block that have sold, they have sold for considerably more than this. Also, we put in a new fence, a new roof and new siding, which should increase the value.
I don't want to pay hundreds of dollars for an appraisal only be told that I can't refinance, but I do want to get a lower rate, I am currently paying 7 1/8 percent.
I have looked into refinancing, but I don't understand it at all.