Refinancing? Already?

April 4, 2009 at 4:05 pm 3 comments

I didn’t really think we’d consider refinancing so soon. I’ve mentioned before that we had a feeling we were taken for a ride and settled for a 30-year fixed rate that was probably too high considering the economy. Boy, were we right, and I can’t just accept it anymore.

Yesterday, I was interviewed for CENT$ Magazine for an article about buying your first home. The reporter, Karen Bannan, wanted me to walk her through the processes we went through and I was more than happy to shed some light on areas that I would do differently if I could. One of the areas we discussed at length was financing. She asked me point-blank what our interest rate was and when I told her, she was appalled. I’d never actually shared this number with anyone before, so my suspicions that it was a high rate had never been validated by a reaction. I’m very thankful we had the conversation, because now we know we have options.

I assumed once we locked our rate, we were stuck with that mortgage/loan company for life (or for as long as we own the condo). Karen let me know that we can do whatever we want, whenever we want. And, if we’re not happy, we don’t have to stick with our lender. Who knew!? Until now, I think I was too embarrassed to have this conversation with my parents & brother, so it was a bit easier to get the truth and some great advice from someone who was somewhat “anonymous” to me.

So, Karen suggested I put in a request at LendingTree (which I did last night) and we’ve already received three responses from lenders who can hook us up with a full percentage rate (or more) below what we’re currently locked into.

Also, I put out a quick tweet about our intention to refinance, and a Twitter friend came through within a few minutes with the name of an honest, hardworking mortgage guy to call. We made the mistake of not listening to recommendations in the past, so this person will be hearing from me on Monday. I’d be a nice change to work with people that have our best interests in mind. Stay tuned…


Entry filed under: Finances. Tags: , , , , , , , .

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3 Comments Add your own

  • 1. Nicole, Editor of  |  April 7, 2009 at 8:16 am

    Great post. I think a lot of people feel the same way you did and are shy about discussing mortgages and financing openly. But mortgages can be a confusing topic and most people need all the help they can get. Good luck with your refinance and let me know if you have any questions. There’s a guide to refinancing on LendingTree that you might find helpful.
    – Nicole @ LendingTree

  • 2. Sandra  |  April 7, 2009 at 1:25 pm

    Thanks for stopping by, Nicole! Hopefully other first-time homebuyers feel comfortable in discussing their options and don’t feel pressured to make immediate decisions they way we were. I wish I had known about those guides before we started the process, but nonetheless, the information is good to know as we look into refinancing options. Thanks for sharing it!

  • 3. Refinancing? Already? Part II « Domestically Disabled  |  July 21, 2009 at 7:56 pm

    […] Lending, who walked us through the refinancing process. I had done some research and had an important conversation that made me decide it was worth looking […]

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