Refi or not? Non-recourse vs recourse loans

[madmoney]

So I closed on a house at the end of August. Since closing, rates have gone down dramatically and I can probably save a couple hundred dollars per month. My dilemma is to refinance or not? The reason for my dilemma is that a purchase loan is considered non-recourse (e.g. the bank could never come after your assets, only the house), but I have read that refi’s are considered as recourse loans meaning if someday I couldn’t pay the mortgage the bank could come after my personal assets including my business, etc.. Now I am not in any trouble or anything but I just want to protect myself as best possible in case of some unfortunate circumstance down the road.

Please don’t flame me for buying or for asking this question. I just want to make the best decision possible for my family. This is our primary residence and we have a single loan on the property. Does anyone know if I refi if it will then be considered a recourse loan? I have worked 8 years to build my business and don’t want to lose it to a bank overnight because of an unforseen circumstance. This is not about trying to walk away and be bailed out, this is just about protecting my assets and business in the event of a disaster.

Thanks.

[peterb]

Dont let anyone flame you! You’re doing the smart thing. Protect your assests and your family. That’s your job!

[peterb]

Dont let anyone flame you! You’re doing the smart thing. Protect your assests and your family. That’s your job!

[peterb]

Dont let anyone flame you! You’re doing the smart thing. Protect your assests and your family. That’s your job!

[peterb]

Dont let anyone flame you! You’re doing the smart thing. Protect your assests and your family. That’s your job!

[peterb]

Dont let anyone flame you! You’re doing the smart thing. Protect your assests and your family. That’s your job!

[markzuber]

I closed escrow on my house at the end of July 2008 and I also like to refinance. However, if you refinance you might have to pay for the closing costs again. I was told by my lender that closing costs in my case will be about $5K. So it doesn’t make any sense to refinance at this point.

Check this link for answer to your question; http://www.sandiegopredatorylending.com/?p=37

Question: Do you know any lender that doesn’t charge high closing costs on refi?

[markzuber]

I closed escrow on my house at the end of July 2008 and I also like to refinance. However, if you refinance you might have to pay for the closing costs again. I was told by my lender that closing costs in my case will be about $5K. So it doesn’t make any sense to refinance at this point.

Check this link for answer to your question; http://www.sandiegopredatorylending.com/?p=37

Question: Do you know any lender that doesn’t charge high closing costs on refi?

[markzuber]

I closed escrow on my house at the end of July 2008 and I also like to refinance. However, if you refinance you might have to pay for the closing costs again. I was told by my lender that closing costs in my case will be about $5K. So it doesn’t make any sense to refinance at this point.

Check this link for answer to your question; http://www.sandiegopredatorylending.com/?p=37

Question: Do you know any lender that doesn’t charge high closing costs on refi?

[markzuber]

I closed escrow on my house at the end of July 2008 and I also like to refinance. However, if you refinance you might have to pay for the closing costs again. I was told by my lender that closing costs in my case will be about $5K. So it doesn’t make any sense to refinance at this point.

Check this link for answer to your question; http://www.sandiegopredatorylending.com/?p=37

Question: Do you know any lender that doesn’t charge high closing costs on refi?

[markzuber]

I closed escrow on my house at the end of July 2008 and I also like to refinance. However, if you refinance you might have to pay for the closing costs again. I was told by my lender that closing costs in my case will be about $5K. So it doesn’t make any sense to refinance at this point.

Check this link for answer to your question; http://www.sandiegopredatorylending.com/?p=37

Question: Do you know any lender that doesn’t charge high closing costs on refi?

[Eugene]

The spread between treasuries and GSE bonds is still much higher than it used to be before the bust. I suggest to wait before making a decision, rates have further to fall.

What’s the area? Do you have cash reserves to pay mortgage for a year without working if things turn bad?

[Eugene]

The spread between treasuries and GSE bonds is still much higher than it used to be before the bust. I suggest to wait before making a decision, rates have further to fall.

What’s the area? Do you have cash reserves to pay mortgage for a year without working if things turn bad?

[Eugene]

The spread between treasuries and GSE bonds is still much higher than it used to be before the bust. I suggest to wait before making a decision, rates have further to fall.

What’s the area? Do you have cash reserves to pay mortgage for a year without working if things turn bad?

[Eugene]

The spread between treasuries and GSE bonds is still much higher than it used to be before the bust. I suggest to wait before making a decision, rates have further to fall.

What’s the area? Do you have cash reserves to pay mortgage for a year without working if things turn bad?

[Author]

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