Tried for the second time today to begin the process of refinancing my home loan. The first time was two months ago at a different branch of the same bank and there were delays in my agent getting back to me and then the whole branch changed so they no longer held that sort of loan and transferred my account and those like it to another. It's caused a lot of stress and aggravation but I've just stopped caring and I'm only gonna worry about things when they happene. Anyway, Dad and I went to our appointment and got an estimate for what my interest and payments would be. I'd pretty much be borrowing the same amount of money as last year when you include what I need to pay off that loan plus the various fees involved and their "guaranteed interest." Ever hear of it? Translation: "guaranteed gouging." Six hundred dollars interest tacked onto the loan so if I took one out then paid it all off next week, they'd still make some money off me. This is the first I've heard of it and if I have no better option I'm definitely looking into it further to learn more. I don't remember exactly if that interest applies whether the loan is paid off early or what. I would think that if I took several years to pay everything off that they'd get that amount and more and wouldn't have to tack on anything extra but you never know. Plus, I won't get nearly the same rate as quoted by the other branch before they changed, and I can't get as long of a term so even at the slightly lower rate and saving $10,000 in interest in the long run if I take the entire ten years, the monthly payments will still be the same. (One of the reasons I finally got cable Internet is the belief that refinancing would offset the cost.) This whole situation is especially frustrating for me because I don't retain this type of information well. Someone can explain it to me in detail with illustrated diagrams and colour slides but I'll still be asking questions about something they just said. I'm constantly worried that I'm missing some piece of critical information that will screw me over sometime down the road. I don't like the feeling that someone needs to hold my hand through things like this but sometimes it's the only way I can get through them. But then, no one ever said loans would be fun and/or easy and this is only the second time I've gone through this. Granted, the bank has been a pain in the arse as detailed above and in other posts so maybe that has something to do in my lack of confidence in these decisions. If the agent can't even write down the same estimate he quoted me from the computer not ten minutes ago I think there's reason to be concerned.
I'm really fortunate to have the parents that I do. My father is wise in the ways of the world and helped me every step of the way in things like this. He co-signed on the first loan because I had absolutely NO credit history and has attended every appointment with me to make sure things go right. He's knows what questions to ask and what to take into consideration for different options because he's done it all before. He's skilled, knowledgeable and smart. He's (dum dumdum DUM!) Middle Aged Man! He can't fly or melt buildings with his piercing gaze but he knows when to use the long form on Tax Day, he can parallel park a pickup with a trailer, he can fix that leaky faucet without a call to the plumber! Protector of the young and inexperienced, savior to the hungry and downtrodden and champion of vehicular maintenance. His lifetime of knowledge and personal experience is a priceless resource for any youngster trying to make their own way in the world. He's (dum dumdum DUM!) Middle Aged Man!
So I got a message on my machine tonite from the Middle Aged Man saying he'd done some searching and possibly found a better deal than what I currently have for my mortgage. We will discuss this the next time we talk and for now my mind is at ease.
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Current Mood: who's your daddy?