Refinancing Tips From the Front Lines of the Mortgage Mess

Orman is tough. When she says "never, ever, ever," she means it. Not even for a good reason like paying college tuition for your children.

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"I would not, in these times, be taking equity out of my home to send my kids to school. If my kid wants to go to school, the kid can get a student loan," she said. "You could do many things. But do not risk your home, not here, not now."

And finally, when will consumers know when rates have reached bottom? Kantrowitz laughed as he said, "When it's not there any more, you waited too long."