For most people, a house is a key investment for life. This is especially true for those who had just started a family. The need to have a roof over our heads often lead us to go house hunting almost on a whim.
In such situations, we tend to judge this “big purchase” more on aesthetics rather than our projected ability to repay this investment. Therefore, when times are hard (and it will eventually hit every generation) and money is tight, most of us find that instead of having a reduced repayment period, we end up paying mortgage refinancing charges.