We're on our 4th Re-Fi in 20 years.
We started out on a fixed 30, went to a 15 year fixed, then a 40 year fixed, then a hybrid ARM, just rolled that for another 5 year fixed ARM, that in 5 years would increase monthly payments by half again.
By the time that happens, we'll all be speaking Spanish or Chinese anyway, the Big One will have wiped out the state, my wifey will retire and we can sell all our property and move to Mexico or Hawaii or aliens will have re-assumed control of the globe, in which case, all bets are off.
They are still building in many areas of the country, the population (including illegals) continues to grow and they don't make land anymore except in Hawaii.
I realize that doom and gloom senarios exist, but in the end, what else is new.
Eat, drink and be merry.. for tomorrow we Re-Fi. :-D
Not us. We just built a new house on Lake James, NC two years ago. 4.375% fixed for 15 years. With semi-monthly automatic payments, that brings it down to 14 years.
We'll mortgage-free in 12 years.
I know! One could die later today and then it's all somebody else's problem to be sure!!!
I mean heck... the danged Demonicrats go through their entire life without giving one tinker's damn about thier country, it's security or national pride!!!