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 ChaosLee
Jesus fuck. We've been posting here so long we have internet Alzheimer's. We've gotten old and sotted with booze and tell the same damn stories, forgetting their past tellings, and buy the same CDs forgetting we own them. I can almost hear the creaky voices of our minds.