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Politics : Foreign Affairs Discussion Group -- Ignore unavailable to you. Want to Upgrade?

To: TimF who wrote (263049)	4/30/2008 1:52:34 AM
From: c.hinton	Read Replies (1) \| Respond to of 281500

Tim, how many refinance a mortgage for only the original amount? and again people tend to let their ability to meet a monthly payment determine the amount they borrow ....(length and rate being assumed the same) ie 1990 you earn 100,000....you can afford 1000 a month so you base your loan on that ability. (10 years at a 2 percent cost of living raise) In 2001 you earn 120,000...you can afford 1200 a month so the original mortgage wihich is still only a 1000 a month is that much less a burden. rate being equal why refinance for the same amount?