2 mortgages - refinance?Hello,I have 2 30 year fixed rate mortgages. One for approx. $280k at 61/8% and one for $50k at 71/4. We bought in 2006 and have been paying double on the 2nd to pay down principal. We would like to move in to a bigger house but of course are afraid we are going to lose like $50k at least on the current home. Do we take a chance and hope for a turnaround on the next house while taking the hit on the current?If we decide to stay, should we refinance? How do we know when the best time to do it is? and what are the gotchas we should look for? Thanks.Kevin December 17 2008 - Framingham00YesReport a ProblemProblemSelect oneOffensive contentIrrelevant contentSpam (pure self-promotion)OtherDetailsYour emailPlease enter a valid email address.Submit CancelContent flaggedWe will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.We're sorry. This service is temporarily unavailable. Please come back later and try again.