Refinancing a Mortgage

iVillage Member
Registered: 04-27-2005
Refinancing a Mortgage
765
Fri, 08-12-2005 - 2:26pm
Can you refinance your mortgage if the rate is not lower than the one you have now? How would that work?
Our original mortgage was 7.5%, we refinanced a few years ago down to 5.25%. I was telling a woman on one of my other message boards about how I was thinking of taking a cash advance from my discover card to clean up my checking and savings account and she said I could refinance. Is that possible?
Thanks!

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iVillage Member
Registered: 03-16-2005
Sun, 08-14-2005 - 3:45pm
But you don't have $6K of "extra money" with which to pay it off. You don't have prospects of changing it.
iVillage Member
Registered: 04-27-2005
Sun, 08-14-2005 - 3:50pm
I have $40 extra per week ($160/month) to pay this down.
Avatar for taylormomma
iVillage Member
Registered: 03-23-2003
Sun, 08-14-2005 - 4:06pm

Why do you keep comparing yourself to everyone else? Your friends pay $300 for a bouncy castle...everyone you work with has a car note...your dh's cousin spent $10,000 to finish her basement...


You're living your life on hearsay.

Avatar for taylormomma
iVillage Member
Registered: 03-23-2003
Sun, 08-14-2005 - 4:11pm
No, $6000 debt against $60,000 income is the same no matter where you live.
iVillage Member
Registered: 09-25-2003
Sun, 08-14-2005 - 4:17pm
She told you it was directions for a homemade gift:
Virgo
 
iVillage Member
Registered: 04-27-2005
Sun, 08-14-2005 - 4:17pm
No, I am just trying to say how expensive things are around me and our way of living. If you want to have a finished basement, it costs money. You can't just start renting out your baasement for extra money. That is all I am saying. Someone mentioned that a bouncy house by them is $150-$200. Well, it is much more here. Everyone has a car note because we all want reliable cars to get us to work. Most people do have have car notes, there are not many people I know who don't.
iVillage Member
Registered: 04-27-2005
Sun, 08-14-2005 - 4:20pm
If your expenses for mortgage, utilites and food are less somewhere else, yes, it is different. For example, it costs my parents half the amount of money to go out to dinner then it does us at a same restaurant. Their cable bill is much less than ours and they get the same stations. Their utilities are cheaper. It does matter in the long run how much money you are making. That is why people move from expensive areas to cheaper with the same jobs and same income. Those are the people that have moved ahead in life.
iVillage Member
Registered: 04-27-2005
Sun, 08-14-2005 - 4:22pm
I wasn't sure but would you just bring a bean bag as a gift to a party??
iVillage Member
Registered: 09-25-2003
Sun, 08-14-2005 - 4:25pm

What you're not realizing is that there is a difference between the cost of living where you are. . .and how you choose to live where you are.


The housing costs in my town are disproportionatly high for our overall COL. . .because of that we chose to live in a modest, 3 bedroom/1 bath, ranch house that was in a good neighborhood, near a great school. . .(and here's the kicker) was in our price range.

Virgo
 
iVillage Member
Registered: 09-25-2003
Sun, 08-14-2005 - 4:30pm

Uh. . .it's a SET of six beanbags, so no I wouldn't just bring one. . .I'd bring the set of six.


I've already told you that I tend to spend $10 for my kids' friends gifts. . .but I've done gifts for $5 when I needed to.

Virgo
 

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