i'm tring to fnd out when it was easy to get second morgages, did the middle class refinance to pay bills, keep their homes, simply put to stay in the middle class.
was it for toys, or vacations?
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We refinanced to get a better interest rate. We had a first and a second. The 2nd had an 11% interest rate - with the lower rates we refinanced and it really helped with the large payment amount.
I would never finance a vacation or toys over a 30 year period. We just wanted a lower payment with more of the payment going to the principle.
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