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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Avatar for taylormomma
iVillage Member
Registered: 03-23-2003
Sun, 08-14-2005 - 8:06pm

I think it's an easy trap to fall into, and I think it's very common these days. There have been numerous articles about how the media (particularly television) has shaped people's perceptions of lifestyle.


And so many people live in debt these days, there's no way of knowing if your anyone really can afford the lifestyle that "everyone" is living.

Avatar for taylormomma
iVillage Member
Registered: 03-23-2003
Sun, 08-14-2005 - 8:10pm
I asked the question twice because it appeared the first time she did not understand it. I'm all about clarification.
iVillage Member
Registered: 03-18-2004
Sun, 08-14-2005 - 8:30pm

For the record, I was just trying to find some ways for you to make extra income (i.e. the basement).

Mondo

iVillage Member
Registered: 11-12-2003
Sun, 08-14-2005 - 8:53pm
My dh is a mechanic (and up until a few years ago he was a European car only mechanic) so I know more than I normally would about cars. ;)

iVillage Member
Registered: 11-12-2003
Sun, 08-14-2005 - 8:55pm
(From my years with no tv.. LOL)
iVillage Member
Registered: 04-27-2005
Sun, 08-14-2005 - 8:57pm
I personally don't believe in using a 401K for debts or for buying a house. I don't contribute much but it has added up over the years.
iVillage Member
Registered: 11-12-2003
Sun, 08-14-2005 - 8:58pm
And unless you are with a big corporation with offices in other areas, you won't have the same income if you move to a lower COL area.
iVillage Member
Registered: 04-27-2005
Sun, 08-14-2005 - 8:59pm
My dh just got a raise. I have NO clue how much or when my taxes will go up. It will probably be some time next year. My school taxes go up every year. They just went up recently so I probably have another year until they go up again.
iVillage Member
Registered: 04-27-2005
Sun, 08-14-2005 - 9:08pm
Thanks so much. I do know people who have rented to good people and it is great for an extra income. My dh's cousin did it so she could stay home. At that time, she was taking in $600 extra dollars a month. Now she could probably get at least $900 for that apartment.
I also have to get back on track with spending and I know I can do it. I have always pretty much been frugal with my money but I guess since we had our 2nd child, we went over the edge with spending and withdrawing out of checking account more than we thought we were.
Sometimes you have to hit rock bottom before you do anything about it.
iVillage Member
Registered: 04-27-2005
Sun, 08-14-2005 - 9:09pm
That is exactly what my dad did.

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