Today, yet again, we signed our lives away.
With interests rates having dipped, we decided to refinance to lock in this great rate. Wait a minute... Is this deja vu?
Four months ago, after the Freddie Mac and Fannie Mae fiasco we seized an opportunity to get rid of our "high" rate mortgage, which had previously seemed like a fairly low rate. We locked; we closed; we were quite happy with ourselves. That was September of 2008.
January 2009, a mere 4 months later, what happened? Our amazing rate from 4 months prior suddenly doesn't not seem so good anymore. With the financial markets in a mess, companies lining up for government bailouts like kids for ice cream in the middle of summer, and a crunch for mortgage companies to buy up and close on "good mortgages", we found ourselves in a situation to improve our situation yet again. So what did we do? Since we have no plans to move any time in the foreseeable future, we refinanced yet again... at an even more amazing rate.
Two separate deals in 4 months may sound ridiculous, and to be honest it kind of feels that way when you look at 2 sets of closing costs, yet when I look at the money saved over the life of the loan, it's a no-brainer. Seize the moment! That is what we did and once again we are pretty happy with ourselves.
I dont know about the rest of you, but we're sure doing our part to stimulate this economy...and all we had to do was sign our lives away....twice.
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