For Mel Ligon and his wife, remnants of the 2008 housing crisis kept them from realizing major savings from refinancing their Chicago home during the pandemic refi boom.
They had a deferred principal placed on their home during the Great Recession when they used a government program to refinance after their household income dropped by half. About a decade later, that prevented them from benefiting from the historically low mortgage rates.
“Even when homes started to recover, we have this…
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