Refinancing a Mortgage
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Refinancing a Mortgage
| 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!
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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Hazel isn't a stranger to this board. She posted here knowing that it's a debate board and that people pull no punches. She asked for and got respectful, useful ideas, to which she responded that she just had to have a new car or she was going to (future tense) cut back on eating out or she was entitled to expensive haircuts and face powder or how could she possibly throw a birthday party for a 7 year old for less than $300 (because that's what she'll spend, no question in my mind about it). I think people got frustrated. I'm frustrated and I quit posting to her earlier today when she took a response of mine that no one in Manhattan spends more than $20 and offering several ways to spend less than $8 without looking like a cheapskate, and she responded that $20 was her limit too. She's just not listening to what anyone has to say.
I think college has value -- great value -- even if you wind up at a minimum wage job, but that's not the question here. I'm the last person to suggest that someone should go to college to increase their income, but the fact is that for the vast majority of people, it does, and by a lot.
But if someone were to come to me and ask how to increase their earning potential, if they weren't interested in general learning, I'd tell them to become an electrician or a plumber.
<<Maybe I feel someone can live without jewerly or expensive shoes or vacations and they don't agree with that. >>
Irrelevant if they haven't gone into debt to afford it and then come asking for your advice as to how to get out of debt.
<<Why because YOU can live without it, I should?>>
You shouldn't live without it because TM can, but maybe you should live iwthout it because you need to cut expenses somewhere.
Kay: A *person* is smart. People are dumb, panicky, dangerous animals and you know it.
Choose your friends by their character and your socks by their color. Choosing your socks by their character makes no sense and choosing your friends by their color is unthinkable.
Choose your friends by their character and your socks by their color. Choosing your socks by their character makes no sense and choosing your friends by their color is unthinkable.
Edited 8/14/2005 7:02 pm ET ET by dogma_2
Actually I think it was a fairly creative idea.
No. . .I think she stated clearly that she HAD a tight budget at one time. . .not currently has a tight budget.
Maybe if you had a tighter budget, you wouldn't be in the situation you're currently in. . .just a thought.
No, the first time you made a "mistake" you might have been $20 in the hole. You're 6K in the hole. This isn't the first time you made a "mistake," if it's possible to call it that, by a very long shot, so you can stop pretending it is.
You have absolutely no idea of my financial situation. I was one of those people with more than six figures of debt when I graduated. I don't even have a car payment now, much less student loan debt. So I think it's safe to say I had potential to be in far more trouble than you. I know a lot better than you do how to live well within my means, whatever those means may be.
Now iam confused,
Promise yourself to be strong so that nothing can disturb your peace of mind- Christian Larson
~aka~
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