Really like about a quarter of

Really like about a quarter of American homeowners, I'm inverted in my mortgage.

Nothing special about this. The economy bites and Dr. Housing Bubble, one of my favorite real estate blog owners, says it's going to get way a whole lot worse before it gets better. I purchased at the peak of the housing market inside 2005, spending $269, 000 for just a three bedroom, two bath house in Clovis, a suburb associated with Fresno, Calif.

Good place. Superior high schools. My location was in the old part of town right next to a downtown revitalized with antique stores and constant celebrations, a very welcoming homey place. The homes on my streets are older, none looks like one other. Some are better visit website than others. But perhaps Carlos painted his weathered 80-year-old place.

I came into a little money and wanted to refinance. I are obligated to pay $202, 000. My dad left a little cash after he died of any long illness in May so I wished to put $75, 000 down, due $127, 000. Amortized over fifteen years at 5 percent that would provide my payments down to $1, 237, an amount that includes insurance and taxes. I pay more than $1, six-hundred now.

Makes sense right? I thought and so anyway. Unfortunately, the comparable revenue around me have put the associated with my house under $140, 000. It means I wouldn't have the 20 percent collateral mortgage lenders say they want.

Kind of blows my mind. I'll watch some little couple on HGTV's "Property Virgins" put $20, 000 down on a new $420, 000 house, but I can't get a bank's interest owing $127, 000 on a house that was thus valuable five years ago that it sold in a heartbeat?

That's life, I suppose.

New Zealand bloggers go2guys. co. nz explains the lenders' point of view this way: "In lending we speak about the 4 'C's' - Money, Collateral, Capacity, Character and a mark in each box means the loan will be approved. If there is one thing loan providers are looking at very closely it is the last G, Character. They want to know if you are the type of person who will make every effort paying the loan back. Are you good for this? "

Hell yes, I'm best for it. My wife and I both work. I just gutted my house. It's got new home windows, refinished hardwood floors, a new kitchen and bathrooms and I just wear a new roof. Does that matter? Hell no.

I've gone to 3 banks and got the "I'll contact you" routine. They don't call back. The best luck I had was at a credit rating union, but the interest rate there was a flat 5 percent. I want one of those 3. 25 percent numbers. That would bring my obligations, without tax and insurance, in order to $892. 39.

Cool, eh?

Sad to say, reality means I've got some cash, but not enough. I hope to sell 5 acres on Camano Island inside Puget Sound and put more straight down. But nobody wants raw property, even with a well and improvements.