Friday, November 12, 2004
Refinance time
Our bank has offered us a refinace package we could not pass up. When I called and asked more about it, the lady asked if we wanted to lower our payments or shorten the term, I said I would like to do both. She chuckled as if that was not possible, but she said "lets see what we can do". I did the math before I called, so I knew I we could.
They are covering all fees in exchange for a quarter percent of their base interest rate, there is little hassle invovled, no reappraisals, all we need to do is read and sign the paper work (after a lengthy phone call) they will be mailing us, get some documents notarized at the local bank and mail them back. The only thing we will have to do is open a new escrow, that was my option as they would otherwise finance the amount needed to open up a new one on the spot and I don't want to add to the amount needed to refinance.
What I don't understand is, the bank already has our loan, why would they be so eager to refinance it at a lower rate? What did I gain? 4 less years on the loan and a lower payment to boot. It's our plan to keep paying at our previous rate which saves us another 3+ years and another $7000 in interest on top of everything else.
They are covering all fees in exchange for a quarter percent of their base interest rate, there is little hassle invovled, no reappraisals, all we need to do is read and sign the paper work (after a lengthy phone call) they will be mailing us, get some documents notarized at the local bank and mail them back. The only thing we will have to do is open a new escrow, that was my option as they would otherwise finance the amount needed to open up a new one on the spot and I don't want to add to the amount needed to refinance.
What I don't understand is, the bank already has our loan, why would they be so eager to refinance it at a lower rate? What did I gain? 4 less years on the loan and a lower payment to boot. It's our plan to keep paying at our previous rate which saves us another 3+ years and another $7000 in interest on top of everything else.
# posted by Trail Seeker @ 3:01 PM 
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Dude, I am a poster child for divine retribution for not paying tithing. I quit tithing and four months later lost my job. It took me a year to get a new one and we acquired a huge boatload of new debt. It'll probably take us five years or more to get things straightened out.
It's stories like yours that keep me not paying. If I had to go by my own experience, I would have started coughing up the dough out of my unemployment checks back in January.
It's stories like yours that keep me not paying. If I had to go by my own experience, I would have started coughing up the dough out of my unemployment checks back in January.
If you were paying, good chance you would still have been layed off and you would have to justify it by saying you were being tested, and it was for your benefit and good. Don't you just love that?
Maybe God said, 'Oh forget it, she is determined not to pay, go ahead and give her that job, and lets go find someone else to challenge, we've have lost her". I'm leaning, of course, that things just happen, and we can make things happen. My best to you and your new job.
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Maybe God said, 'Oh forget it, she is determined not to pay, go ahead and give her that job, and lets go find someone else to challenge, we've have lost her". I'm leaning, of course, that things just happen, and we can make things happen. My best to you and your new job.
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