(A quick disclosure – I have owned my home for 29 years and have 8 more payments to make before the mortgage is paid off. I have never re-financed because in the early years I could not afford to, and later when I could, I had already decided that the house was going to be our only child’s inheritance, so it didn’t make sense to refinance).
I have a wonderful routine when I bring in my mail. I pick it up from the curbside mailbox and walk up the driveway to the recyclable trash bin. There, I sort through the mail, tearing up the credit card offers, throwing away the store flyers, and dumping the letters offering to lower my mortgage payments. Despite there now being a so-called mortgage meltdown, it just doesn’t seem to me that there has been any decrease in offers to refinance. And even today, with sub-prime lending a major news item, most of these offers allege that I will not need to provide any proof of employment or proof of income.
So I suspect that some people are still making a lot of money in the mortgage industry. And that prior to the current meltdown, some people made a lot of money. My question and concerns over the flip.
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