In the process of refinancing my high interest (10-1/2%) mortage to a lower interest (7%), one of the problems I ran into with the underwriter was my not having funds capable of handling 2 months worth of emergencies. I've lived in the house 14 years, credit card debt of $4,000, and dealt exclusively with this bank for those same 14 years. This just came up yesterday, but I thought it was appropriate here as a reason for building up an emergency fund. If this keeps my refinance from going through I plan on having a long talk with my banker about loyalties.
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