Mortgage lates & refi

Hi, 3 questions:

  1. How long does your mortgage need to be current on a primary
    res. OO, before you can refi?

  2. Should we expect higher rates because of the lates?

  3. With property values lowering/normalizing, is it a good idea to refi and take cash out? what happens if the house value drops?

(ok, that’s 4 questions.)
Thnx.

  1. You don’t have to be current on your mortgage to refi.
  2. Yes. Mortgage lates showing on your credit make a big difference in rate available.
  3. Only you can decide. If you have a rather low risk way to make a 50% return on the money who cares if the rates are 7%, 10%, 20%?
  4. If your house drops in value…it drops in value. As long as you make your payments as agreed the lender is not going to call your note.