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Jan 12, 2013 7:29PM
Keep your eyes open for the mortgage insurance premium. If the refinance has MIP you are paying interest in your escrow. They just call it insurance and hide it in the escrow. If your house lost value this can happen. You  will need a down payment to avoid this. Now you say I already paid a down payment. Yes you did but, they will not give you more that 80% the value of the house unless you use the MIP..
Nov 16, 2012 9:54PM
We refinanced, so that we could get money out of our equity to replace our back deck that had wood rot and needed to be replaced. We did not want to borrow more money to do that at a higher rate.  We had a 30 year mortgage that was over 5% and still owed 22 years on it. So we refinanced, got out an extra $15,000 to pay for our deck, and did it with a 15 year fixed rate mortgage that we got at LESS then 3%.  We are paying the same amount in house payment  and feel like we got a deal since we did not have to borrow for the deck at higher rates, have the same house payment, and cut 7 years time off our mortgage.  So you really have to look at what you are refinancing for, and if it's worth it.
Nov 16, 2012 6:10PM
It is simple math to figure out if it makes sense or not.  Don't be paranoid that everyone in banking is trying to screw you.  Crunch the numbers and base your decision on facts, not doomsday survivalist's opinions.  Would you rather have your money sit idle in your house earning no return, or pay 3.5% (minus tax deductibility for an effetive rate of less than 3%), and invest that money in a vehicle earning 7%, 8% or more?  Economics 101, not a conspiracy. 
Nov 16, 2012 6:01PM
People who refinance and take cash out to buy things like cars or trips are actually taking out a loan on these things and taking 15 or 30 years to pay them off
Nov 16, 2012 5:01PM
Instead of re-financing again and again, just pay off the stupid thing and be done with it. Re-fi's cost money and then if you don't shorten your loan period you will pay more in interest. Get a short loan at a good rate and then pay it off, pay extra if possible - and it's usually possible. I waited and got a 10 year and am paying it off in 9.....got 6 1/2 to go. Would I like a lower rate or payment, yes but I'm not going to pay a couple of grand for it. Just gonna keep on watching the balance go down. I'm knocking 800 a month off in principal. Be there before you know it.....
Nov 16, 2012 3:14PM
You know what? You signed the papers when they gave you the loan, pay the thing off. You took the money. Looked like a hell of a deal at the time. Live up to your obligations.
Nov 16, 2012 2:20PM
Refinance to a lower rate. Keep paying at or above your present payment, and apply the extra to the principle. Get paid off early and save. You can then borrow against the equity for your next car and write off the interest on those payments as well.(for now).
Nov 16, 2012 1:43PM

I am amazed by all of these ads and advises of YES it is time go for it, make bankers rich and die in poverty wow, Do you know that if you have a 30 Years loan, spent 10 years then a smarty mortgage company called you and said, "Hi, do you want to save a point, will charge you 4% only instead of that 5% you pay......make the math if your monthly mortgage is $1000 to make it simple ($1000 x 12 month x 10 Years = $120,000.00) just say good bye to it, and start from the beginning of a long 30 Years loan again, always remember the closer you get to the end of the loan the more you put in principle less in interest....they don't want that....be smart, if it is not a complete necessity do not do it, what you can do is pay more in principle to shorten your mortgage paying period, that is the advise.

Nov 16, 2012 1:33PM
One reads the comments....and is disheartening.....they are sheep and don't know it.....jejejeje
Nov 16, 2012 1:32PM
To remain a sheep and banker's fodder the rest of your miserable existence.....jejejejeje
The only reason to refinance is... if you planning  NOT paying it back!!

Nov 16, 2012 1:04PM
Best is to lower your payment or pay off debt, but don't go over your head.  Get a fixed loan.  If you don't have an excellent credit rating it may be hard to refinance.
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