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: 11-12-2003
Mon, 08-15-2005 - 1:14pm
I'm not into the commercial stuff either.
iVillage Member
Registered: 10-16-2003
Mon, 08-15-2005 - 1:14pm

I don't think commercial things are a bad thing at all. They serve their purpose. But if you are in debt, there is no place for such things!


We took the kids to Sesame Place and had a wonderful time. We took our kids to a free picnic in the park two weekends ago and they had a wonderful time. Each event has it's time and place. But if we had no savings and were in debt then the SP trip

 

iVillage Member
Registered: 11-12-2003
Mon, 08-15-2005 - 1:15pm
I've never understood leases either, unless it's for business purposes.
iVillage Member
Registered: 09-04-1997
Mon, 08-15-2005 - 1:19pm
Taking thirty kids and spending 600 dollars does not sound outrageous to me IF YOU CAN AFFORD IT. Taking one kid when you can't afford it is what sounds outrageous to me.
iVillage Member
Registered: 03-27-2003
Mon, 08-15-2005 - 1:24pm

Whenever the craft store here has a big sale, I buy a few of the Roseart brand craft kits for under $5. They make great bday gifts. I have also bought art kits (sets with paints, markers, colored pencils, crayons, etc) for under $5. I keep a stash of inexpensive gifts on hand for bday parties and such. Or sometimes if my kids are *reallllyyyy borrrreeed* as they say, I will break out one of the craft kits and its a fun and inexpensive way to spend an afternoon!


Dj

"Now when I need help, I look in the mirror" ~Kanye West~

iVillage Member
Registered: 10-16-2003
Mon, 08-15-2005 - 1:25pm

Exactly!


People here have all sorts of extravagant bday parties at fancy restaurants and hotels.

 

iVillage Member
Registered: 03-29-2003
Mon, 08-15-2005 - 1:25pm

<>

I work and have to look presentable at work, too, but you have expenses that are ridiculous for people who can't make ends meet. You say that you have two cars that each cost under $18K. Well, on $60K gross a year, that is completely ridiculous. DH and I make much, much more than you and your husband, and I'd rather chop off my right arm than spend nearly $36K on two cars.

You keep talking about what your father did, what your neighbors, your cousin, your co-workers do. Well, you're not married to your father or your co-workers' husbands. You're married to your husband. This is the life you chose for yourself, so you should start thinking about committing to it.

Also, about that keeping up with the Joneses. It never ends. My ILs are multi-millionaires who constantly find themselves in over their heads because they're trying to keep up with much richer folks. At one point they had a beautiful, oceanfront estate with a main home, guest house, and artist's studio. We used to get around their property by golf cart, it was so large. They also had a $12K per *month* mortgage, which they struggled mightily to pay. It's insane. If you live your life that way, you will never be satisfied with what you have.

We live in an extremely wealthy town, and I can tell you from experience that trying to keep up with wealthy people does not engender respect. People respect people who put their own families first. Putting your co-workers and friends first (which is what you're doing by sacrificing your financial well-being to impress them) is not likely to impress them.

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: 03-27-2003
Mon, 08-15-2005 - 1:26pm

I agree. I dont quite understand *renting* a car!!! Cars are already a colossal waste of $$ in general, why would someone lease a car (unless, as you said, its for a business) and KNOW that it usually means a car payment forever??


Dj

"Now when I need help, I look in the mirror" ~Kanye West~

iVillage Member
Registered: 11-12-2003
Mon, 08-15-2005 - 1:28pm
On top of that, they usually have insane mileage restrictions, and if you go over you have to pay them a penalty at the end.
iVillage Member
Registered: 10-16-2003
Mon, 08-15-2005 - 1:33pm

We have a budget set for renting a car whenever we need one. Trust me in NYC with insurance rates, gas prices, toll fees,

 

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