Refinancing a Home Mortgage
I was talking in a previous post about our friends and their financial problems. It is just heartbreaking to see this happen to people and I wish I could help. It’s hard though, you don’t know whether or not they really want to discuss their financial situation, they might be embarrassed by it. I’d just like to give them some advice on a remortgage option. They currently have a mortgage that they pay the interest only. The biggest problem with that is that they have built absolutely no equity in their home. They are so strapped for cash and I’m afraid they will fall into the trap of getting another cheap mortgage and that would only hurt them more. You know what they say, “you get what you pay for” and that is very true in the case of mortgages and I hope they don’t get so desperate that they make their situation worse.
Interest rates are still quite low and I just hope they will move towards doing some conventional financing so they can start building equity in their condo.
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