Word: bour
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Dates: during 2000-2009
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After living in their two-story, Mediterranean-style house in Orange County, Calif., for almost 18 years, Norm Bour, 51, and his wife Peggy, 57, are refinancing for the fourth time. Not only will they lower their house payments by $200, but the Bours will also tap into their equity to the tune of $135,000 to redo their wood floors, pay for Norm's Lexus (now that the lease is up) and pay off their time share in Maui. Their latest loan: a 30-year, $350,000 adjustable-rate mortgage (ARM) for a home valued at slightly less than...
...Norm Bour, the most recent refinancing with cash back has not only cut his monthly mortgage payments but also allowed him to trim the interest rate on three other loans, freeing a total of $1,500 a month. He intends to put that $1,500 toward principal, paying off his house by the time he's 62. "It's about having a plan," he says, "and with that comes peace of mind...