Re: OT: Refinaced the mortgage today

On Jan 16, 11:37 am, AddictedToEMs <jsw...@xxxxxxxxxx> wrote:
I just totally disagree (unless it's some kind of emergency) with the
whole idea of cash-out refinancing.  A good part of the recent credit
mess was caused by this (clearly on a larger scale....but still...).

I know people that just refinanced and took an extra $45K for some SUV
which they'll be paying for long after it's junk.

Hmmm this thread has taken an interesting direction - let's change it
back to a positive outlook.

Who wants to sell me a pin in about 30 days?
Robert is really correct on this. Most people just look at the
payment, and nothing else. That is why we are in this big housing
mess. The banks want you to re-fi every couple of years. That way your
loan keeps starting over, and they make a killing. Just look at your
first payment, and see how much is going to interest, and how little
is actually going to principal! It is a rip off. Just think how many
pins you could buy with all that interest money each month. My house
is paid for. I have no payment. Just think how many pins you could buy
without a monthly house note? I have a very large, and expensive
collection, and it was more than paid for with the interest that I
saved by paying my loan off very early. I hate to be judgemental, but
I am constantly amazed by all the people that I run into that know
absolutely nothing about finance. Now if somebody wants to make stupid
decisions for themselves, that's fine with me, but the problem is that
we have so many stupid people now, that everybody is going to suffer
because of it, including the responsible people. I'm not judging you
personally, as I do not know your individual situation. I am just
making a general statement. Mike.
.

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