Reply #42: There is something additional that I experienced... [View All]

[silverlib]

And I hate to say this, but I still do not understand the ramification possibility of what I did.

I got a call from my loan company about refinancing - 5.9% fixed rate -

The loan officer said the company was being proactive to keep their current customers as this was a couple of years ago when everyone was refinancing. No closing cost - 5.9% fixed rate - (we were at 8.25$) and no prepayment penalty.

We signed the papers and everything has been fine - but not until I got the package in the mail after closing did I realize it was a home equity loan. I have always despised these hel (short for hell as far as I am concerned), but since I have not had a problem making the payments and no, this is not a second loan, I have had no ramifications. The taxes and insurance are not escrowed in the loan, but I understood this was so at the time of closing.

What could the ramification of this entail? I am really offended because I felt I had been had and I can tell you that I'm not easy.