What to know about refinancing: answers about home mortgage refinancing when changing careers

What to know about refinancing: my need for home mortgage refinancing, in changing careers, were answered in material I recently came across entitled "A Consumer's Guide to Mortgage Refinancing".

I am aware that what to know about refinancing requires more answers than recent mortgage telemarketers wanted to provide me.

Solid answers to home mortgage refinancing questions, is important when changing careers.

So material I recently came across entitled "A Consumer's Guide to Mortgage Refinancing" provided much needed anwers to my home mortgage refinancing questions.

My interest -- in fact there are multiple interests -- in housing refinancing made me a willing reader of this home mortgage information.

First there is my simple interest in home mortgage refinancing just to be aware of my home borrowing options.

Then there is the actual interest on my present home mortgage loan that causes my interest in interest.

And finally, there is the interest on a second loan that really motivates my interest in interest-- especially high interest on second loan.

What To Know About Refinancing A Home Mortgage

You see, we recently have been bombarded by Mortgage Brokers pitching house refinancing opportunities, prompting our renewed effort on what to know about refinancing.

Now we have only lived in our modest 3 bedroom San Diego home for 5 months, so how come all this home refinancing mortgage company friendship from mortgage refinace loan brokers who want to be my best buddy?

By the way, I often tell people we just bought a $100,000 in San Diego and when they question how we could possible do so, I give the simple answer that we had to pay $540,000!

Understand that I am not bragging when I say we bought a half-million dollar house. In fact, I am nearer to experiencing housing cost panic disorder, except for a few factors I am about to explain.

So, why did we spring for a house purchase in San Diego on your change career journey? What do we need to know about refinancing? We have lots of questions about home mortgage refinancing.

Reasons We Purchased A Home In This Ridiculous Housing Market

I had read that it takes over $130,000 annual income to purchase a median price home in San Diego and that figure was from last year! It was also reported that fewer than 10% of the people owning homes could even afford to buy the present house they owned if they had to buy it today.

To answer the question "Why did we agree to buy a house in the San Diego market, especially with ridiculous housing prices and home mortgage payments you wouldn't believe?" The answer for us was simple:

We had no money and owned no house of our own (one of the pitfalls of living in church parsonages most of my ministerial career).
We were paying $2000 per month rent anyway, with rental increases sure to come.
Our change career journey had led us to San Diego, where we will most likely work until we retire (in our 90's).
And if we lose it all, we end up back where we were anyway -- no money and no house of our own.

Home Mortgage Refinancing Motivation

Now I am not sure why we had all this interest in our home refinance potential by the mortgage lending industry. I wondered what was behind their renewed interest in our interest?

I have even had housing mortgage lending professionals have the gall to say to me that looking after my financial interests was their primary concern. Now if they meant interest rates, I suppose they were right.