Did I make Huge Mistake?

[Moonwalkr]

I'm thinking the OP saw the big fat $14k check being waved in front of her and just signed all paperwork while staring at all that loveliness.

[Green Irish Eyes]

I'm just thinking that the OP hasn't been back since his/her first post .....

[Ceece]

Originally Posted by Dark of the Moon

I'm just thinking that the OP hasn't been back since his/her first post .....

Not under that user name anyway....

[marmac]

I'll bet the OP fell for one of those-" cash in the equity of your house"--junk mail that was floating around awhile back.

I have zero sympathy for folks who owe more on their house cuz they couldn't resist the offer to---" cash in your equity"

I agree with moonwalker.

[Sgoldie]

Sounds like the first mortgage involved a teaser monthly payment which resulted in negative amoritization making his principal due higher than what he'd taken it out for originally.

This is what I tell everybody. Go to your nearest credit union, no mortgage brokers involved, and get the shortest time period mortgage you can afford to pay with 20% down. Every addl ten years adds approx 100% addl cost to the original mortgage. And only take money out if you never want to pay the place off.

[chet everett]

Originally Posted by Sgoldie

Sounds like the first mortgage involved a teaser monthly payment which resulted in negative amoritization making his principal due higher than what he'd taken it out for originally.

This is what I tell everybody. Go to your nearest credit union, no mortgage brokers involved, and get the shortest time period mortgage you can afford to pay with 20% down. Every addl ten years adds approx 100% addl cost to the original mortgage. And only take money out if you never want to pay the place off.

There are plenty of goofs that work in Credit Unions too. There are plenty of ethical mortgage brokers that have survived "the great purge" as lenders shut down their wholesale channels. There are millions of people that have responsibly used HELOCs to save themselves a fortune in interest and expanded the economy by prudently putting that borrowed money into things that add value to the economy, they've also in some cases been able to accelerate the pay down of their first mortgage.

Generalizations work great for the "talking head experts" of cable TV and the blogosphere but in the real work where billions of people's lives are improved by efficient use of credit the simple answers are inadequate...