Getting My Hopes Up on a Refinance

April 15th, 2008

When I went to go open up my new checking account to get the $50 bonus for doing so, the gal behind the desk started asking me some questions about my mortgage.  Of course I knew where she was going with this.  Why else would a bank want to know more about your financial situation when you open an account with them?  They wanted to see if they could get me to refinance with them of course!

After asking me my monthly mortgage payment and the value of my home I stopped her right in her tracks with a challenge.  "Listen, ma’am.  I’d love to refinance if that’s where you’re going with this, but I’m willing to bet you can’t do it."  I know it was a risky move, but I’ve already talked to two banks who said they won’t touch me for a refinance until I get rid of my 2nd mortgage.  (over 34K, yeah right)

Photo by Josh Michtom

So throwing this challenge out there seemed to peak her interest based on her facial expression.  She wanted more info because NOW she wanted to prove me wrong.  :)  So I gave her the nice 85K/yr income, the estimated credit score in the low-mid 700s, (which is a semi-educated guess) and the fact that we’ve been on a plan to reduce debt for about six months now.  I gave her a list of all the things we’ve done to the house since we bought it to try to justify as much value as possible.  I just let her have the facts as I knew them, 2nd mortgage and all.

She looked at me and said it still might work.  I couldn’t believe it.  Of course, she would have to get a review from some people upstairs before giving me a call back on it, but I think she had genuine interest in trying.  Probably some little bonus for her or something if it did work out I’m guessing.

Regardless, I got excited over the idea that someone may actually consider taking me up on a re-fi.  Here I am early in the next week without a phone call though…even though she said she’d call regardless of what she hears from them.  It’s still possible I could get a call, but I’m not banking on it.  (neat, an unintended pun!)

I hate getting my hopes up on this kinda stuff.  Especially with the way the housing market and loan situation is right now in the economy.  If people wouldn’t touch me a year ago…why on earth would they want to right now?  (aside from the fact that my income keeps increasing and the housing market where I’m at is actually pretty stable)

Anyone else think I’m just getting false hope here?  I’m not in danger of not being able to pay my payments, and I’m pretty sure I could survive a rate hike too.  I just wouldn’t be able to make any progress when that happens.  Only 15 months left to go before that happens.  *sigh*

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9 Responses to “Getting My Hopes Up on a Refinance”

  1. Mrs. Accountability Says:

    Mr. D, do you have an ARM (what is the rate hike you referred to)? I don’t know what to tell you - hope it works out though!

  2. Mr. Debtbeater Says:

    Yeah, I’m in the middle of a sub-prime ARM that can bump up toward the end of next year. So it’s a ticking time-bomb just waiting to blow up in my face. That’s why this last year I decided to get in gear. We’ve realized what we did wrong and just want to do everything we can to fix it.

  3. Gerraine Says:

    Don’t ya know that a refinance actually starts your mortgage over again? You’re already paying most of your money to interest every month. And very little to the principal. The banking/mortgage industry is making suckers of all of us. Don’t do it! There are secrets out there that they are keeping from everyone and only selected few will figure it out.

  4. Mrs. Accountability Says:

    So Mr. D, have you heard anything back from The Hopeful Banker?

  5. Mr. Debtbeater Says:

    Unfortunately, no. Though that’s exactly what I expected, so oh well.

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