I am 66 years old and disabled but still work a little, and I owe money on my land at 8.25 percent. I was wondering where I might refinance my debt at a lower rate so it would be easier to make the payments. –Darrell


With interest rates remaining historically low, this is probably a great time to look into refinancing. As a first step, it might make sense to check with your current lender. For minimal cost they may be able to “re-cast” your current loan, basically just lowering the interest rate without re-amortizing your loan and starting all over again. On the other hand, if you’re primary focus is on reducing your monthly payment, refinancing and re-amortizing your loan may make sense. Although this likely would stretch out the life of your loan and may result in greater interest payments, it could give you some relief from a cash-flow perspective. If your current lender can’t help, you’ll just have to shop around. Compared to residential real estate, there are fewer lenders in the land loan business, but hopefully you can get a number of competing bids. Generally, when you’re refinancing you’ll have to go through the application process (appraisal, financial underwriting, etc.). Good luck.