Wednesday, October 2, 2019

10/2/19 I Guess We Are Refinancing?

    Shoot, what started as a little conversation with Wife has turned into a thing now.  I brought up the idea of refinancing the house down to 15 years from our 30 year note, mostly because thinking about it, I am 48 and we refinanced in 2016 which helped us probably keep the house at the time, but things have improved today and I don't see me still working in 2046, when I would be like 77 or something like that.  My logic was that if we refinance to a fifteen year note, we could have the house paid off in 15 years, when I will be turning 63, that is still a reasonable thought, if I don't stroke out from being a fat f*cker.  While we are at it, I noticed the value of our house is ridiculous, mostly because we live in Austin where the housing market is still hot, so I figured might as well borrow enough to pay off the newer credit card debt we have accumulated from the various BS of the last 3-4 years.
    So I went on Lending Tree online Saturday evening and before I was done filling out the forms, I had already gotten a call from a lender.  It was a real dude and he seemed knowledgeable and friendly, I think he was with Ameriserve.  I was ready to work with him, then Sunday morning a guy from Quicken Loans called and he was also very friendly and persuasive.  Thing is, he said he would call Monday to get on the application but he never did.  Monday I got a call from Loan Depot who did our refinance the last time.  The guy was another friendly voice and he was quick to say that because we were already their customer, we wouldn't have to pay any of the normal application fees which are normally added to the loan for another $4,000-$5,000.  Since we had history with this company and he was smart enough that once he hooked me he didn't get off the phone.  I don't really care between 1 or 2 tenths of a percentage point, I wanted someone who would walk me through the process.  He took me through their website and helped me all the way.  We don't need to show up with any money for closing and we are even supposed to get like $2700 plus the $495 I paid for the appraisal.
    The end result should be that we will be paying about $800 more a month, but we will be cutting about twelve years from our note, which the guy said would amount to a savings of like $240,000 in interest plus the additional $35,000 in credit that has been rolled in.  Between the mortgage and the three credit cards we added in we were paying north of $3700 a month on just that.  Now, we will be paying $3300 a month, plus all the interest becomes a deduction for taxes.  Rarely am I quick on gathering paperwork, but I managed to get everything they requested in one morning.  They wanted two years worth of W-2s, a month's worth of pay stubs, a copy of our home insurance, which normally I like to leave for Wife to handle, but I did most of it before calling her.

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