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Refinancing Can Result In Surprises; Application Turns Up Two Unpleasant Facts

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From: The Washington Post
Date: 19940108
Author:Marianne Kyriakos

Ralph Waldo Emerson said life is a series of surprises, and would not be worth taking or keeping if it were not.

Bill and Louise Wadsworth said 1993 taught them some lessons about life's surprises. Two years ago, the Wadsworths bought a 2,000-square-foot, four-bedroom town house in the Townes of North Creek in Rockville, a community of 40 homes. The family paid about $135,000 for the house, which they financed with a 30-year mortgage at a 10.5 percent interest rate.

"It's a good place to live; we were very happy to be there," said Bill Wadsworth, 44, a State Department employee.

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