What are the drawbacks? Loan is for about $35,000.00
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If the loan is that small, its unlikely that you’re going to able to refinace profitably. The fixed fees spread out over such a small loan will make it uneconomical. tba
It can be challenging to refi in the Detroit area today, mainly because property values are down significantly – but it can be done. However, as the poster above indicates, with a loan that small, it’s not likely that you’ll be able to refinance in a manner that will make economic sense. Even a significant reduction in the rate won’t add up to a huge difference in the monthly payment, and the costs to close it (1,500+) will be tough to recover. And with a loan that small, you’re not likely to find a no-cost or low-cost loan.