Lower Expectations

We saved quite a bit of holiday budget to wait for the expected after-holiday sales. That was part of our plan ahead of time. Since then, we have been looking through bargains worth picking up. It???s not about being overly frugal, but simply smart shopping. In fact, we bought a large LCD TV over the holiday. We also sold or gave away some stuff on Craigslist to those who can need some stuff more than we do.

As consumers, we are all trying to make do and get as much as possible for each dollar spent. Lately my family and I have been doing more research before buying anything, and have also done more online shopping and looked harder for better deals. As mentioned previously, we have not stopped spending, however.

One of the online sites we have found to be useful is:
http://www.uberi.com

They do have some interesting bargains listed that are not available even on price search engines. We were able to get more for each dollar. Hope that's useful info for some.

Well if the author, Dan, decides to re-fiance, you can be sure its good for all of us. Hope he tells us.

How much should it cost to refinance? I have locked at 4.875. I am buying down to 4.7. this will cut $200 per month off my house payment. Cost to do this though bank is 5K. Is this a reasonable amount to pay?

Before refinancing, compare your total payment. I suspect with your 15 year loan, you will end paying a lot less total. A good idea, if you can manage the payments.

The bottom line is we are within striking distance of a 4.5% mortgage. The key for homeowners and new buyers alike is what is the APR on the new loan. The APR will reflect the "costs" of the new loan including all of the closing costs. I will refinance my first mortgage and a small second mortgage (HELoan) in a nanosecond because my Loan to Value is around 37% on a worst case scenario.

Before this mess, my house was worth $100k more than I owed. Now, it's $100k less. Banks won't refi if you've got good credit, you're upside down, employed and never mised and am still making payments.

Before this mess, my house was worth $100k more than I owed. Now, it's $100k less. Banks won't refi if you're upside down, employed and never mised and am still making payments.

I have a 740 and my house isn't worth enough so I can't refi doesn't that suck. I'm sure others are in my boat.

We can't start subsidizing people so they can buy houses. What we need is house prices to drop at an affordable rate and the bank to lend to people. All of this won't happen unless businesses start hiring and stop laying off!

government probably has to subsidize because the banks don't have people with FICO Scores in the high 7"s and 8"s
applying for mortgages. These rates are for people with super duper credit not the average family who's been weathering the storms.

I'm in the midst of getting a mortgage and FYI those lower interest rates are for people who have very high FICO Scores
like in the the high 7's and 8's. So don't get everyone all excited.................

Home mortgages in the 1950's were 4% if you used your GI Loan and no more than 5 1/4 if you went conventional. It was a healthy market. Lots of houses built, and lots of buyers. Things started getting tense when the rates went above 7%. There is just something wrong with high mortgage rates. Also, homes are for living in, not flipping. The flipping of homes is at the root of the awesome escalation in home prices. It's sort of like speculating in corn futures and starving the poor on the other side of the world because they can't buy grain to eat any more. It's what happens with no regulation. The strong get rich and the weak die of hunger. Good luck in figuring out a happy medium.

bad economy for some
there is a bright side for some others like always

in england on a tracker i am paying less the 3 percent -gets better
might go to nought

Dude, I hope you get a 3% loan and then dance across your lawn like a NFL wide receivier who just scored the winning goal in the Super Bowl! Get the ball and run with it Holmes, kwis (know what I'm sayin').
J.P. Morgan

P.s. Merry Christmas to all...

Hey, just cause I'm struggling doesn't mean I want everyone else to as well. Dude, I hope you get a 3% mortgage and then dance around the front yard like an overpaid NFL receiver who just scored the winning TD in the Super Bowl! Get the ball and run, Holmes kwis (know what I'm sayin'). - J.P. Morgan

P.S. and Merry Christmas to all.

Anyone who bought their home in the last 2-3 years is completely underwater unless they put 30-40% down and are unable refinance. And our vales continue to sink. This is the direct result of the criminals at banks and mortgage companies. The equity in our homes has been directly shifted to the executives at these companies through salary and bonuses. The radical free-market, republican theories that have been the guiding ideology since Reagan have raped the middle class and are in the process of ruining millions of lives. Your smarmy (I can refinance and you can't) article just smacks of self-satisfaction. It makes me sick. I hope you get fired and experience what the rest of us are experiencing.

Added to the blanket mortgage rate reduction, let's not forget those that are upside-down on their mortgages. Allow people to refinance their existing mortgage/mortgages, up to 125% of the current value of their homes. Otherwise, refinancing won't be possible. This step will definitely bring consumer confidence back. And that extra available money each month can be spent to move the economy back to recovery.