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Hey I know! Let's put some more people in homes they can't afford! It's low mortgage rate PARTY TIME!
Sure, a boom for the new home construction business that are being built by substandard low cost labor crews in a lot of cases, not all. New homes going up across the street and on the other side of the thoroughfare you may as well bulldoze the existing homes down. You can't give them away. That way everyone gets nice shiny new granite counter tops. But, the silver lining is banks are making lots of money, barf!
@munsterlandr - "Let's put some more people in homes they can't afford!" - - - Nobody is forcing people to buy more than they can afford! It's called living within your means. I know it may be a foreign concept, but people need to take responsiblity for their own actions.
Who really cares how low rates are when the majority of home owners can't even think of refinancing b/c their underwater. You want to jump start this economy let people refinance at the current market levels.
Reesh1 - I care how low rates are...I'm looking to refinance my 30 year to 15. I am not underwater, and I can afford my mortgage. This is great news to me because now I have more money to update my bathroom. This is also great news to the contractor who will be doing the work.
We are working on refinancing our 30-year, 6.1% mortgage to a 15-year, 3% mortgage, and our payments will pretty much wind up being the same each month, so there are good deals to be had. BUT, it has been very frustrating working thru Wells Fargo. Hard to get anyone to return direct phone calls or emails, so be prepared for frustration!
Keep in mind, low rates are great but it is not free to refinance. We refi'd and paid about $1800 in closing costs. We paid them on our own. Just don't get caught up in the low interest rate, look at the cost to you to refi and then figure out how long it takes you to re-coup the cost of the refi. Try to not roll in the closing costs cause it doesn't make sense to pay them over the life of the loan.
"The Curse Of The Homeless" -- There can never be a TRUE housing recovery based on economic/market factors alone while ignoring the issue of housing in a _social_ context.
Isn't there a related story about the recent rise in subprime lending. Haven't we seen this movie before?
Hey - lets just drop everyone's mortgage rate to the current low - no paperwork -just do it. then ... those folks still paying the mortgage will have more money to spend or save. Hmmmmm..... toooooo simple .... somone holding that note will suddenly be losing money on their "investment" otherwise known as your home.
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