Current Events — HabitableZone

Current Events » in reply to re: Lindy, I agree that it is predatory

Good for you...
TAKFASE — (archived)

You actually did it right. A credit union is a great place to refinance if you need to refinance. Also, refinancing to get a lower rate is often also a good reason to refinance...If your payback was only 2 years, then that was a great reason to refinance.

I actually have seen an aquantance who took a mortgage just to get into a house and he and the lender planned a refinance in advance of the original loan...Of course he wouldn't listen to me...As an accountant I'm only paid to understand that kind of stuff...But he knew it better apparently.

Anyway, he thought the lender was doing him a favor. But in reality the lender was just generating 2 commissions instead of 1.

The refinance had even more service fees than the original mortgage (probably to make up the the "lower" interest rate stated on the note. To make it worse, the refinanced interest rate really wasn't all that low...Probably in anticipation of another refinance down the road.

Log in or register to post.

The whole thread (39 posts)