We are in the process of refinancing the mortgage on our beach house. The bank initiated this by calling and asking if we wanted to, using the HARP program. As this is our second home, I wasn’t sure we could qualify for a government program, but we did.
The bank is waiving their fees for which I sure they receive compensation from the government. Our interest rate is lower and our payments will be lower. This is turn will give us more cash to help us get the credit card paid off faster and then build our savings back up. After that, we can get this bad boy paid off as soon as possible.
As part of the volumes of paperwork involved in mortgage loans, Saturday we received our credit scores. It floored me! I knew that we had fairly good credit scores, but these were almost 30 points higher than I thought! I am still in shock over it. Seriously!
All those hours spend reading Get Rich Slowly have paid off in a big way! Our financial house is in good working order, even in this economy, thanks in part to J.D. Roth, his staff writers, and his guest writers. It has taken hard work and sacrifices, but we’re there.
The thing that has me puzzled is, how can two people with excellent credit, who are making their mortgage payments on time, qualify for a government program loan? I’m not looking a gift horse in the mouth, but wouldn’t this money be better used to help those whose houses are in foreclosure because of things like medical expenses, job loss, and the like? Just askin’…