With interest rates at an all time low I decided months ago that I would refinance if mortgage rates fell below my 6.5% mortgage rate, and they have to almost 4.5% for my new loan.
Here was the irony, do I take advantage of the 2009 government mortgage reform plan and get a free streamline load at no cost if I am late by at least 2 months on my house payment or do I stick with paying on time which disqualifies me for the 2009 mortgage reform act and required me to pay out over $4100 in fees. Both methods would keep my credit score in good standing, its just that one method offered by the government is free if I'm behind but the other method penalizes me for paying house note on time.
In the end it was a matter of making the choice for the conventional method which cost me $4100 to refinance to 4.5% for 15 years. I just never thought I would see the day when paying on time would cost me more.
Here was the irony, do I take advantage of the 2009 government mortgage reform plan and get a free streamline load at no cost if I am late by at least 2 months on my house payment or do I stick with paying on time which disqualifies me for the 2009 mortgage reform act and required me to pay out over $4100 in fees. Both methods would keep my credit score in good standing, its just that one method offered by the government is free if I'm behind but the other method penalizes me for paying house note on time.
In the end it was a matter of making the choice for the conventional method which cost me $4100 to refinance to 4.5% for 15 years. I just never thought I would see the day when paying on time would cost me more.
