I’ll take your interest rate and lower it.
So, a year and half ago, we closed on our house. It was a long drawn out process. It was a short sale. It was through Bank of America. This is just a nice piece of information for anyone walking blindly into the world of short sales. And, when I say a long time, I mean a long time. We had a contract on our house for 1 year and 20 days before we finally signed the closing papers.
After this long, drawn out process, Preston and I swore we would never move again. Don’t worry. We’re not. But, what I am thinking about doing is refinancing. A year ago, interest rates were at their all-time low, and “probably wouldn’t get any lower.” At least that’s what people kept telling me, so I kept paying for and extending rate locks. Stupid.
Anyway, the rate I hold on my mortgage payment is 4.625 percent. “It won’t get any lower than that.” Wrong, people. Stop telling me that! It went lower than that a month later. But, only around 1/4–1/2 percent lower and it held there. Today, it’s at 4 percent. If the rates go lower than 4 percent, I’m refinancing. At least, I think I am.
Guess I better go plug some numbers into my financial calculator.