An Amazing Refinancing Offer I Could Definitely Refuse!

I just received this incredible mortgage refinancing offer in the mail from a local St. Louis lender that I had to share with the world. Since everyone's lending amounts are public records, this lender was able to find out that we originally had a $236K loan and then we later borrowed a $95K loan. What these geniuses did not understand is that the original $236K loan was an interest only loan which we borrowed until we could sell our first house, and once it was sold we took the proceeds and refinanced down to the $95K loan which is our current much more manageable amortized loan. So those two monthly loan payments they are offering us is for a loan amount of $331K which is equal to our original interest only loan PLUS our current refinanced loan, for two monthly payments that are both two or three times what we are currently paying on our principal and interest payment. In fact they are offering us a loan for an amount greater than the current value of our house! I do not even have to use a loan comparison calculator to know that is a crazy deal. That is definitely much more loan than we can afford! They obviously have never seen my wonderful mortgage calculator web site. What a great offer they are giving us! Sometimes you just have to laugh at these lenders...

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