Bought my house just before the crash in 2007. Felt screwed over as I went underwater and was stuck with my 6.5% loan while interest rates and home values plummeted (and because my mortgage was privately held, no HARP refi option.
Finally after nearly 15 years not only go out from under water but built enough equity for a no cost refinance. Got into a 2.25% loan.
Sad part is, despite the lower rate, due to skyrocketing insurance and taxes, my payment is no cheaper
Bought my house just before the crash in 2007. Felt screwed over as I went underwater and was stuck with my 6.5% loan while interest rates and home values plummeted (and because my mortgage was privately held, no HARP refi option.
Finally after nearly 15 years not only go out from under water but built enough equity for a no cost refinance. Got into a 2.25% loan.
Sad part is, despite the lower rate, due to skyrocketing insurance and taxes, my payment is no cheaper
Taxes and insurance is what will knock a lot of us out