The refinancing process was stressful and complicated. To some folks that may sound familiar. The paperwork, and the amount of information I was required to submit to the bank was outrageous. After being led through a vast bureaucratic jungle the bank decided to deny my application because my house did not appraise at a high enough value. The bank decided who appraised the house, how much it was worth, and what was required for refinancing it. So....
WHAT WAS THE POINT?
My current plan is go continue faithfully making morrtgage payments on a house I bought for $110,000, which is now appraised at $80,000, over a period of 30 years, at an interest rate (5.5% to 8%), which will net the bank around $200,000, and which the bank could choose to lower at any time. Need we wonder why the Occupy Wall Street movement is growing?
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