http://www.suburbandollar.com/2009/04/06/refinancing-now-could-save-you-thousands/ Where finance and reality meet Wed, 10 Mar 2010 17:35:13 -0500 http://wordpress.org/?v=2.9.2 hourly 1 http://www.suburbandollar.com/2009/04/06/refinancing-now-could-save-you-thousands/comment-page-1/#comment-284 Kyle Tue, 14 Apr 2009 12:50:21 +0000 http://www.suburbandollar.com/?p=613#comment-284 I agree but there is still a lot of people who aren't upside down on their mortgages and potentially qualify for a refinance. The mortgage companies are more strict now on what does and does not qualify and it is almost impossible to refinance a second mortgage. But if you aren't in one of the hard hit areas you should be ok. I agree but there is still a lot of people who aren’t upside down on their mortgages and potentially qualify for a refinance. The mortgage companies are more strict now on what does and does not qualify and it is almost impossible to refinance a second mortgage. But if you aren’t in one of the hard hit areas you should be ok.

]]> http://www.suburbandollar.com/2009/04/06/refinancing-now-could-save-you-thousands/comment-page-1/#comment-280 Funny about Money Tue, 14 Apr 2009 10:05:56 +0000 http://www.suburbandollar.com/?p=613#comment-280 Problem is, large numbers of houses are now worth less than their occupants owe on them. No lender will give you a refi for a house that's worth less than you owe on it, unless you have several tens of thousands of dollars to bring to the table. In some cases, that's <i>many</i> tens of thousands of dollars. By the time property values come back to what we owe on our houses, interest rates will be back to normal. Problem is, large numbers of houses are now worth less than their occupants owe on them. No lender will give you a refi for a house that’s worth less than you owe on it, unless you have several tens of thousands of dollars to bring to the table. In some cases, that’s many tens of thousands of dollars. By the time property values come back to what we owe on our houses, interest rates will be back to normal.

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