In this day of recession and economic downturn with no upside, all I hear is that people should refinance now. An example: If a home in 2006 is worth $365,000 and has an interest only loan of $365,000, in 2009, it is now worth $290,000 (-$75k less), should he/she refinance? Now unless they come up with the 75k difference, no bank is going to offer a mortgage with over 100% LTV. Any thoughts on this???!??!

I am a student going to a community college on full scholarships. However, next fall I am planning to go to Mississippi State University. My problem is, even though I am only 19, I have already defaulted on a loan and stopped payments on a cellular phone contract. My credit isn’t even good enough to get a Wal-Mart card anymore. I am trying to get a hefty student loan to pay for my school expenses in my quest for higher learning. I would get a co-signer but no-one in my family has a good credit score either. So how would someone in my position go about getting a good loan for college?

I heard that the mortgage interest rates are going down this month. I wan to refinance my house…loan amount is $453k, fico score of 640, SFR, no cash out, full documentation and reserves and my loan to value is 65% . I don’t know if I should refinance now or wait a little bit more. I would like to have more informations about 12/12/07.
Please advise,
Thank you