Mortgage vent

**ansley** · 09-15-2008, 04:06 PM

This is also in the mortgage section.

DH wants to refinance our house (great news). So, I tell him to check out Church Hill Mortgage (recommended by Dave Ramsey). They said we don't owe enough and that they will not even consider a loan of less than X amount. I couldn't believe it. Their X amount was more than what we bought the house for to begin with. Do they think that because we can't afford a million dollar house (not the X amount by the way) that we aren't good enough or need the better interest rate. I had thought that being affiliated with DR meant that they would help people in need. That's what I get for thinking. So far the lowest rate has been 6.125% for a 15yr fixed rate. I don't know how long that quote was good for. DH is supposed to call more places today. Okay venting done for now.

**mom21ofeach** · 09-15-2008, 04:28 PM

Well, the good news is that you have a small mortgage!!!

I don't know what you owe, but maybe doing all the paperwork, ordering all the documents, and then servicing or trying to sell your mortgage would eat up any profit they would make in giving you a loan. I'm sure it's purely a business decision (they are in business to make money after all), and nothing personal.

**ansley** · 09-15-2008, 04:57 PM

Originally Posted by mom21ofeach

Well, the good news is that you have a small mortgage!!!

I don't know what you owe, but maybe doing all the paperwork, ordering all the documents, and then servicing or trying to sell your mortgage would eat up any profit they would make in giving you a loan. I'm sure it's purely a business decision (they are in business to make money after all), and nothing personal.

It isn't small to us. Why would they sell it if they are a mortgage co.? How did we get a loan in the first place if there was no profit in it, their X amount is more than our original loan? After 7yrs of paying on this thing we now owe what we originally borrowed (if we pay it off right now).

**Denvergirlie** · 09-15-2008, 06:27 PM

Originally Posted by ansley

It isn't small to us. Why would they sell it if they are a mortgage co.? How did we get a loan in the first place if there was no profit in it, their X amount is more than our original loan? After 7yrs of paying on this thing we now owe what we originally borrowed (if we pay it off right now).

Your orginal mortage company saw value in loaning you money since you got a mortage in the first place, but each mortage company has different policies they follow, some companies are willing to do lots of little mortages, others are only willing to do more substanal stuff.

As for you owning what you bought it for, that sounds about right to me, the first 5-7 years of just about any mortage will be spent in interest and not the principle.

good luck

**ansley** · 09-17-2008, 11:33 AM

Originally Posted by Denvergirlie

Your orginal mortage company saw value in loaning you money since you got a mortage in the first place, but each mortage company has different policies they follow, some companies are willing to do lots of little mortages, others are only willing to do more substanal stuff.

As for you owning what you bought it for, that sounds about right to me, the first 5-7 years of just about any mortage will be spent in interest and not the principle.

good luck

I was saying that we got the loan the first time and we owe the same so why is it too low now (of course it is a different co.). I am not upset about owing the same thing after 7yrs, I knew that when I signed the papers. I got the long 30yr payout in hard copy. (Yes, i am the nerd) I would really like to go to the lower int. rate. Per the DR calculator we would save a bundle.

Greebo asked for my budget on another thread and I posted there but thought I would get more advice here so I am posting it again.

Okay Greebo (and anyone else that wants to help or learn from my stupid tax) here it is.

House payment 380 includes ins and taxes, 34,4?? owed, 8.5% int.
Utilities 487 the only extra is cable at 64.
Food 240 (thank you angel food ministry).
Truck 243, about 8,000 left, Don't know int. rate.
Auto ins 105.
Auto gas 700.
Medical, we guessed at 60 but haven't set up payments yet.
Daycare 280.
Toiletries and etc 250.
Dh's cigs and dip 88.
Dh's old bill 150.
I shouldn't have but was tired of Dh buying stuff for himself and x getting stuff for ds so I signed dd up for dance 40.
No cc.

That comes to 3,023 a month.

I bring home 1,152 (not great but good for our area) in a 4week month + 288 cs = 1,440. Dh brings home 858 + commission (we are coming into the down season). Dependable income 2,010 + 288 (may be a month or 2 late) = 2,298 a month.

We pay for housing, food, auto ins, auto gas, daycare and cigs and dip each month. Everything else is juggled if the commission doesn't cover it. In other words lights have been turned off a time or 2 and water and house gas once. We do not qualify for any gov help and most churches don't think dual income families need help. The closest food pantry is a 2hr drive and the local thrift stores are almost as expensive as buying new.

Dh is taking a job that pays more but no commission. I do not know what the bring home will be and I do worry that he will feel a little breathing room and blow again. He doesn't know it but I found out that he is eating out again for lunch (started before he was even called about the new job).

Anything else?