Pending my own stupidity, it looks like we are finally going to be able to refinance the house. I have gotten in my own way before by being impatient and generally dumb. Wife had even given up on us being able to refinance, it's mainly because I didn't want to move that I kept reading and seeing that not all banks work the same, eventually there should be one willing to take a risk on most everybody, the hard part is finding the right entity.
Our biggest problem is we carry a huge load of debt. After we sold the other house, there was a moment where the sun almost started shining on us, but then I went and got a $56,000 truck to move my huge ego back and forth to work and home. I love the truck, but I know I should've waited until after we rifinanced. Instead, I wrote a check for $10,000, like I was a big shit from the money we saved aside for taxes on the sale of the old house, and I went and bought the first truck that matched what I kind of wanted, a newish F-250 that ran on gas, not diesel. I had seen some slightly used ones for as cheap as $43,000 that I liked, but when I got the urge to buy, all the used ones disappeared. The voices in my head said "come on little man, show us what you got!"
I say fifth time in the title because we tried the refinance thing a bunch of times over the last year and a half or so. Initially, I thought our bank would do it. They know we are good customers, we have never missed a payment or been late, but no. We didn't even get to the point of getting an appraisal, they said we had too much debt, they couldn't do it, this was before we sold the other house. We then tried to refinance the older house, we owed $52,000, it appraised for $135,000, but the banks still wouldn't let us touch the equity. That is a scam and a half, the banks run. Be a good customer, never miss a payment, then try and refinance, where you'll have a lower interest rate meaning a lower payment, and THEY have the right to say no. OF COURSE, who loses money? THEY DO. It shouldn't work that way, it is just wrong.
So we kept trying again and again. Finally, after Wife said she was done, I typed in on Lending Tree.com that we had a huge credit debt on one of the boxes and only 3-4 banks showed interest. I told Wife this seemed different, and it appears to have worked. We are supposed to close with Loan Depot by the 22nd this month. It seemed "fish-y" that we owed about $290,000 yet they were marking the payoff at $304,000 but Wife called to see what this was about and they are actually paying off like six of our smaller accounts directly, and not giving us the money. Guess they don't trust my spendaholic ways. It's fine, between this and the no payments for December and January plus the escrow account coming back to us from the current bank, we should still get $14,000 to payoff any other credit cards or do what we need to do.
I feel like this is finally going to put us in a good spot. We did payoff a bunch of credit cards when we sold the old house, it's just that our debt was nearing $90,000. Possibly more, which was tolerable when I was working non-stop OT, but those days seem like years ago. Overtime died, almost the exact weekend I bought the truck, it has sucked balls, but we have been limping along. We will probably still have about $30,000 in debt to pay down, but it will feel alot easier considering where we were at. If history holds true, work will pick up a bit at the start of the year, and any extra money will be focused on paying off one credit card after another. Much easier when it is like 4-5 accounts versus 20 or more we used to have.
No comments:
Post a Comment