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Kellerfeller

(397 posts)

16. I'm hesitating to ask

Reply to riderinthestorm (Original post)

Wed Feb 22, 2012, 01:56 PM

Feb 2012

since I don't want to sound judgmental but if you've had the property 20 years , why the re-fi?

I can see refi-ing within a few years of the original loan but after so many years, you are into the time frame where your payment actually goes to the principal instead of just paying interest (that's the stage I'm in with my mortgage and it drives me nuts to pay so much and see so little go to the principal).

By refi-ing, aren't you setting yourself up to be paying interest for a long time all over again? Is there something I don't understand where it can be advantageous to re-fi at that point??

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Highlight:

Just got my appraisal back for the re-fi, value of the property is 40% what it was 5 years ago [View all] riderinthestorm Feb 2012 OP

Some aren't. Sold our last home in a short sale in 2008 for $130,000 less than we paid. stopbush Feb 2012 #1

I'm not so sure we're at the bottom yet either. No way would I buy either.... nt riderinthestorm Feb 2012 #6

I've thought about this for a while too. Fresh_Start Feb 2012 #2

I feel your frustration... russspeakeasy Feb 2012 #3

I can't blame anyone for walking away. 60% drop in "value" in 5 years?! Thats nuts! riderinthestorm Feb 2012 #7

I hear ya!!!! Wellstone ruled Feb 2012 #4

Thank gawd we're zoned ag or I'd be spitting at the tax valuations! What a racket. nt riderinthestorm Feb 2012 #8

We have owned our home for 20 years K8-EEE Feb 2012 #5

What's weird is I ALWAYS felt like that too, that it was only a matter of time before it all crashed riderinthestorm Feb 2012 #9

What kind of experience did you have with the refinance? The Backlash Cometh Feb 2012 #10

We're working with the Farm Credit Services Bureau and I'm thrilled! riderinthestorm Feb 2012 #11

Our group is swift on everything, except they're never pleased. The Backlash Cometh Feb 2012 #13

Oh they asked for all of that, up front, including the retirement "savings" (pathetic amt) riderinthestorm Feb 2012 #14

I refinanced last summer tammywammy Feb 2012 #12

It's a very strange experience for us. The Backlash Cometh Feb 2012 #15

I'm hesitating to ask Kellerfeller Feb 2012 #16

Since we operate the farm as a business, we could never get a bank to do a 30 yr fixed rate loan riderinthestorm Feb 2012 #17

Thanks Kellerfeller Feb 2012 #18