Homeowners paying themselves back faster

Here is a great article from CNBC on why this refi boom is different from the last one.

http://www.cnbc.com/id/49360773

Of course this also shows that people who are refinancing for a lower payment probably lost equity and can’t take cash out of their homes in the first place.  However, the article does indicate that better fiscal responsibility and debt management may prove to be helpful for homeowners that wound up upside down on their mortgages.  Relief may be in sight a lot sooner than anticipated too, as the housing market continues to flatten out the rough spots at the bottom.

Jennifer@ElginFoxValley.com

 

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