When K and I got our 5.375% loan to buy this house we never (EVER) thought we would be in a position where it made sense to think about refinancing. Well lucky us! The US economy is finally crummy enough (woohoo!) that it's actually starting to look like we might do it.
Have you ever refinanced? This will be our second time (we did it once on our previous house) and I still can't help but feel like we're getting screwed at every turn. I especially cringe about divulging so much personal financial information and trying to sort through all of the fees and charges, APRs, APYs, weird vocabulary, and all the while sounding like a well-informed and financially savvy homeowner.
In reality, I employ the same skills I use at the mechanic when they start telling me how my solenoid is cross stitching the flux capacitor or something like that. In other words, I fake it. I look at the bill with me best well-practiced mommy side-eye and I make a little grunting sound I remember my dad making every time he paid a mechanic. Of course the side-eye and grunt tactic isn't all that effective when the entire transaction takes place online but I'm hoping the loan officer can feel my "large and in charge" vibes.
I'd better go get a shower since I know my phone will now be ringing off the hook with eager beaver loan types offering me various wheels, deals, and schpeels. Have I ever mentioned that I'm really, really glad I don't work in sales?
I guess that's only one thing we're doing that we never thought we'd do because of the recession... another one? Hmmm... I have been shopping at Wal Mart more (but that's really only because C's percussion teacher's studio is right around the corner from one). Oh, I know... I grumble a lot more at the grocery store!
Oops! Phone's ringing. So much for my shower...
We're in the process of doing the same thing. It seems to make sense... it also seems like we too are being screwed. I keep waiting for the little men in the black jackets to show up and tell me that suddenly I don't own my home anymore 'cause I signed a little sheet handing it over to the Devil. Exaggerated? I think not.
ReplyDeleteWhat I'd like to know is how I keep this from happening? I don't understand half the words they use nor do I have any inkling too. And I'm sure the 1000's (millions?) of people who lost their homes in the past couple of years didn't either... Crap. At least my monthly payment is less right? And now we might be able to fix the car right?
Big fun. Can you feel the excitement? Here's the yucky part... we don't even get a smaller payment! OK, so we get an earlier pay-off but still... argh.
ReplyDeleteI think I might be able to keep myself busy for the rest of my life just trying to understand all of the jargon of our everyday lives. I barely understand my credit card (except that on the rare occasion that I forget to pay the bill I have to pay interest - on things like toilet paper and overpriced coffee drinks).
Perhaps I need to pass the bar and become a CPA and _then_ I'll feel like I understand it all... at least I'd understand college loans a whole lot better!