Can I refinance a 5.5% ARM when I owe only $38K?I am 61 and semi-retired. I've had a mortgage for 22 years. For the first several years, I paid two payments per month. As a result, my payment is only $440 a month, and I have only $38K left to pay. When I inquire about refinancing, I'm told my balance is too low. My own bank (Chase) says that they would have to add insurance to my loan, and that would make my payments go UP!! I'd like to take advantage of the lower rates and lower my monthly payment. My credit is only fair. What advice would you give?March 20 2014 - Los Angeles00YesReport 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.