You do realize that refinancing often requires closing costs in keeping with your original purchase. You're talking $5000 or so just to get yourself a new interest rate. They are now 7%.
My point is that the VAST majority of people with these non-traditional loans don't have the $5000 to close. They don't have the extra $200 a month their mortgage is going to cost them when they're term runs out.
Credit is probably the worst idea of all time.
Originally Posted by neal
today at work a U2 song came on the rock station, so i said "fuck this shit" and walked over to the radio and changed it to the classic rock station, and they were playing a newer U2 song. you win this one, radio bastards.