A friend is in the process of refi, getting his interest rate down to 5 3/8%. He bought the place in August of 2007 for $350,000, he put $200,000 down. The appraisal came back at $270,000. A similar unit around the corner is now listed for $249,000.
We have been hearing talk of interest rates going to 4.5%. How likely is it that they will open that up to current homeowners who are current on their payments?
We joked about how tempting it is to pull money out of the place and then let it go! Walk around the corner and pay $100,000 less for same unit!
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