"cshenk" wrote in message
...
"dpb" wrote
wrote:

There is no substantive difference between an equity loand and a second
mortgage. Theoretically the amount of a equity loan is backed fully by

snip

Refinancing is simply replacing an existing mortgage w/ a new one,
hopefully w/ better terms than the original owing to lower market
interest rates at the time of refinancing vis a vis original, better
personal financial situation or somesuch. Origination fees may eat up
much of the perceived gain, however, unless one is careful in evaluating
the whole picture.

Correct and one added bit on refinancing. You have to still 'owe enough'
for it to be worth their time generally. I did some preliminary checks on
this and most do not want to refinance only what I owe (a little under 40K
now) for a lower rate than I have. Oh some nibbled at a slight reduction
'for now' but wanted lots of money up front and were 'variable rate' vice
my fixed. My rate isnt 'great' (7.50) but it is fixed for life. Variable
rate offers came in at 6.75 and 7.00. No thanks. Had I done that, I'd be
trapped now with the higher prices I bet.


Holt crap! I refinanced less than $25k 2 years ago for 4.25%. I still went
with a credit card last year for a"loan" of $28k since I could get that at
3.99% instead of 4.25%. Why are you paying nearly twice that? Mine is fixed
also. I'm in upstate NY, with the highest taxes/assessments in the nation,
too.