"I think one point being left out of the equation is that you start at the beginning of the amortization table again, so instead of paying off in say 25 years (if you're 5 years in), you'll be paying in 30 years with a new loan. Consider a 20 or 15 year if you can afford it, then lower your rate and pay off more quickly."
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"Generally... pay down the one with the highest interest rate first."
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"You'd have one with the closing package that you received when you signed the documents. If you can't find that, see the attorney that closed the loan for you."
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"You can always change the price, but problems come up if the home has already been appraised (FHA appraisals stick with the property for 6 months) or the home doesn't appraise for the new higher price."
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"If it's an FHA loan than you can't get a new appraisal for 6 months and must use the one originally done. The lender must release it to you, however you must pay for it (if you haven't already)."
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