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: 03-18-2004
Sun, 08-14-2005 - 11:32pm
2 words.

Mondo

iVillage Member
Registered: 09-04-1997
Sun, 08-14-2005 - 11:48pm
I made a set of beanbags out of 3 and 4 inch quilt squares when my kids were babies -- filled them with a variety of materials including split peas on one, beans in another, rice in another...I forgot how many there were but both of my boys loved them and played with them for years. You can do all kinds of fun things with them, and the quilt block look was quite classy, if I do say so myself. The last one finally got a hole in it awhile back, maybe a year ago, but as I said, they got a lot of play value out of them -- much more so than some of the junk they have accumulated over the years.
iVillage Member
Registered: 09-04-1997
Sun, 08-14-2005 - 11:52pm
Would you take out a loan at 10 percent to plow the money into your 401K? Because thát's what you have done if you are putting money into a 401K at the same time as you have run up consumer debt and paying 10 percent to pay it off. I am not saying break into your 401K, the taxes on it are incredible. But to keep putting money into it while you are running up consumer debt isn't the best use of your cash.
iVillage Member
Registered: 03-26-2003
Mon, 08-15-2005 - 5:31am

My kids love bean bags.

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iVillage Member
Registered: 07-16-2005
Mon, 08-15-2005 - 6:38am
Have you thought about working in Manhattan? Or Queens even? I'm amazed at how crowded the parking lot at Ronkokoma is. (I have family on L.I.). But people do it everyday. Long Island is changing because unless you're a successful biz owner or doctor, the salaries are way too low to support a family. I really think you should consider commuting. Manhattan is where the money is.
iVillage Member
Registered: 04-27-2005
Mon, 08-15-2005 - 7:52am
All my taxes are in included in my mortgage. The taxes are taken out twice a year. Once a year, they go up. Last time they went up, it was $240 for the year. Doesn't sound like much but that was an extra $20 I had to find. I switched my phone from normal service onto my internet (with the same company) and saved the $20.
iVillage Member
Registered: 04-27-2005
Mon, 08-15-2005 - 7:55am
I would if I didn't have 2 children. They are the most important things to me right now and if I need to run and get them from school or daycare, I need to know I can do that. My dh is on the road alot with work and can't leave like I can.
iVillage Member
Registered: 03-29-2003
Mon, 08-15-2005 - 8:01am

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What does that have to do with you? You've already said that the people you work with have husbands who make much more than your husband. So what they can afford is different from what you can afford.

Are the people you work with going to bail you out when your house is in foreclosure? No? So stop thinking about them whe you do your budgeting.

Congratulations! I'm so happy to hear it. I just heard the good news and popped back over, just in case you were still checking in.
iVillage Member
Registered: 03-26-2003
Mon, 08-15-2005 - 8:08am

$5 gifts

Coloring books and crayons.

Craft kits

Puzzles

hot wheel cars

Barbie outfits

pool toys

art supplies

iVillage Member
Registered: 12-29-2004
Mon, 08-15-2005 - 8:19am
Well, I made the sets of beanbags and lots of other home-made gifts, together with my kids, back in the day. They were very cute and very well received, too. Taught my kids something about giving of themselves, also. What's pathetic and unacceptable IMO is $6K worth of debt for routine everyday expenses.

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