2007-08-30 18:11:04 · 2 answers · asked by ericfaul2003 4 in Business & Finance ➔ Personal Finance
it is a catch-22 game that can work or back fire very easy == you take out a new loan to pay off the old one at a different rate and different amount --- when the housing market goes up a lot of folks do it to use the profit cause by increase in market price and than blow that money and then when the market goes down they owe more than what there house is worth --- it can be a very good or bad thing depending on the market -- but above all it should not be taken lightly!!!pmocapaliqhenif the trremosb9ou ber
2007-09-04 09:54:13 · answer #1 · answered by Anonymous · 1⤊ 1⤋
It is a mortgage to replace your current mortgage to get a lower or fixed interest rate or to borrow even more money than you owed before.
2007-08-30 18:21:40 · answer #2 · answered by shipwreck 7 · 4⤊ 0⤋