I must be in a cranky mood today, because when I read this article in the Washington Post this morning I felt absolutely no empathy, sympathy, or any other kind of -pathy whatsoever. And what makes me even crankier is that those of us who choose not to use our homes as an ATM are going to end up paying for those who do. Grrrr.
Read An ATM That's Out of Money: As Housing Market Slips, Tide of Spending and Refinancing Retreats
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4 comments:
Well I was definitely in a cranky mood today (fighting a cold) so I'll join you in non-empathy and raise you an obnoxious holier-than-thou: when the rates plummeted we refinanced, too, but only so more of our monthly payments would go against the principle on our mortgage. We know people who refinanced to buy cars, do rennovations... it's a HOME! It is not the money tree!
AV: Seriously, huh? I mean, I've thought about doing a refi, too, but that would be for improvements on the property, like putting in a new, stable porch on the side, installing gutters, replacing single-pane windows with something energy efficient, etc., etc. or to do what you and Lane did: bring down the principle.
Buying cars and paying for vacations is just irresponsibility and stupidity. IMHO, of course!
What do you want to bet that couple with six kids is Mormon?
Holly
Holly: I thought the same thing at first, too. Then I thought, "Maybe they're Catholic." That's the only other brand of faith that produces large families--at least in the Christian genre. Either way--I wouldn't be surprised if they are one or the other.
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