I read everywhere that applications for refis are soaring because of lower interest rates, but I find it hard to believe.  Apparently there are many homeowners out there will a good deal of equity in their homes.  I, on the other hand, are one of those people who purchased a home in 2006 during the peak of high market prices.  I would love to refinance my mortgage so I can save a few hundred dollars a month, but the problem of requiring an appraisal will knock me out of the running.   I pluncked down a hefty down payment when I bought the home, but since the market prices have fallen I have lost all of the equity and then some.  If my home would appraise, I would sell it and take advantage of one of the killer deals on a bigger house in a better location.  Once again, I question why I continue to "do the right thing."  I am a person of morals and I have excellent credit so I would never intentionally stop making my payments in order to try to weazel out from under my mortgage, but why isn't there any aide for people like me?  What is wrong with lenders bypassing the appraisal and allowing me to refinance?  It's not like I am asking them to eat a portion of my loan (I would have to be behind on my payments for that one), but all I want is a lower interest rate. 

Didn't the government implement the lower interest rates in the hopes it would stimulate the economy?  Believe me, I would absolutely stimulate the economy with my extra $300 a month at the mall!

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