Well, I finally bugged my darling husband into calling our credit union to see if they could do anything for us. We’re in the lovely position of being at least not underwater on our house, but certainly not at 80%, which makes it really hard to refinance at lower rates (or fix already low ones). And our credit union services our loan (good), but that means it’s not a Freddie Mac or a Fannie Mae (bad, because then there’s no Making Homes Affordable for us).
I mentioned my distress last week, but now I have excellent news! The bank is sending us paperwork, fixing the home equity loans (together) at 4.99 (down from 6.5 on the big one and 4 but variable on the low one) for 10 years. This reduces our rate, our interest and our term. It does increase the payment by 54$ a month, but it’s TOTALLY worth it!
I think we’ll save about 5k in interest (without including snowball planning). Also, there is no penalty for pre-payment and there are no closing costs.
I was feeling so frustrated, because I already owe them the money, they should want to help me — and THEY DID! Hurray!
So, anyone out there thinking it’s not worth asking — you’re wrong. Even if you don’t get what you want, at least you know you asked!