If you owe more money on your home than it’s worth, you’ll need this information before you consider a refinance. (iStock)

Most homeowners never imagine that they’ll own a property that’s worth less than what they owe on it. Unfortunately, shifting markets, property deterioration, changes to the neighborhood, and foreclosures in the area can all affect the value of your home.

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In this case, you may hear the term “underwater.” Here’s what you need to know.

What does it mean to be “underwater”?

When the market value of your home is less than the amount you still owe on the mortgage loan, it’s considered “underwater.”  You may also hear the term “upside-down” when people

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