obama wants you to refinance....

Discussion in 'Economy' started by manu1959, Apr 9, 2009.

  1. manu1959
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    manu1959 Left Coast Isolationist

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    WASHINGTON — Declaring "good news" in the midst of an economic meltdown, President Barack Obama on Thursday urged families to take advantage of near-record low mortgage rates by refinancing their home loans. "We are at a time where people can really take advantage of this," Obama said, seated with a handful of homeowners who have already lowered their bills.

    Comcast.net: Obama says timing right for millions to refinance


    uhhhhhh 10% of the population is unemployed......an unknown amount have taken pay cuts......most peoples homes are worth less than they were.....

    banks aren't taking risk at the moment......

    how exactly does the average american impliment this directive......
     
  2. RetiredGySgt
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    RetiredGySgt Platinum Member

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    I am in the process of refinancing right now. My house when I bought it as it was being built was 116 thousand. And I have a 7 percent loan on it. It was just appraised for around 170 thousand and I am getting a 5.5 percent loan. Taking equity out to pay my high finance cards and other debt. And the payment is almost the same after that.
     
  3. xsited1
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    xsited1 Agent P

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    Bankers are going to make a bundle of money in fees. Obama obviously knows who his masters are.
     
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  4. Silver Diva
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    Silver Diva Rookie

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    Depends on your definition of the "Average American". I consider myself to be an average American. I just refinanced last week. My monthly payment went down just over $200! Regardless of your financial status and the value of your home, call your lender, and other banks. The worst thing that can happen to you is that they can say no!
     
  5. Neubarth
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    Neubarth At the Ballpark July 30th

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    I just used Quicken and refinanced my $200,000 first from 6% all the way down to 4.375%
     
  6. manu1959
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    manu1959 Left Coast Isolationist

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    ya .... my house is 500k so i guess i am not average as that exceeds the jumbo # set by the feds.....glad all you guys can take advantage of things....
     
  7. RodISHI
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    RodISHI Gold Member

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    It would not suprise me if they made it mandatory to have a bank loan/mortgage on your home.

    Doesn't anyone actually own their homes free and clear any more?
     
  8. manu1959
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    manu1959 Left Coast Isolationist

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    the house sure....the land you rent from the government....
     
  9. RodISHI
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    RodISHI Gold Member

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    I done a bit of research in the last few years concerning land rights. One can own land absolutely. California deeds are most generally ran through a title company. The Title company warrants the land to be free of encumberances. In many other states abstractors are still in use. Here in Iowa if you own the land you own everything above and below the ground/land that you own.


    Land patents are the legal documents that transferred land ownership from the U.S. Government to individuals and to states to be disbursed/sold or used for infrastructure. When your land tracts back to an original land patent with proper legal transfers along the way you do absolutely own the land.

     
  10. manu1959
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    manu1959 Left Coast Isolationist

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    don't pay your property taxs and watch what happens....
     

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