Why do I try to refinance...

Back when I was calling BOFA to get a check for my property tax over payment, I talked to them about refinancing my mortgage.

Up until now, refinance has been out of the question because they have changed the rules of FHA mortgages and the mip payments have doubled so all the money we would save resetting our mortgage would be eliminated by the fee increase... and since I bought 3 months too late for the new program they have out now, we were stuck.

But I discovered another option. There's the possibility of kicking the FHA to the curb completely and trying for a 20 year fixed rate mortgage at 4.25% with no fees.... for the SAME MONTHLY PAYMENT WE ARE ALREADY PAYING...

OR we could do a 30 year regular mortgage and get a smaller monthly payment...

Only hic-up is that we would need to pay our mortgage down to 90% loan to value.

The loan officer was going to look around and see if she could get a better idea of the market area and what our place is worth, but I found out I have a 780 Credit score... which is pretty darn good if I say so myself. If the place was worth $120k, we would only have to toss in $3k in principle reductions... But realistically we are guessing our place was worth around $115,000.00 so we would essentially pull $8k out of savings to give us a smaller payment since SCB isn't working and our mortgage is our largest monthly expense...

Our MIP payments and PMI payments would be nearly identical and since this is a pretty big deal and there is a lot about BOFA I don't like (and I think I can get a better rate elsewhere), I also contacted Churchhill mortgage and Chase Bank to get information on 30, 25, and 20 year mortgages...

But no one would ever call me back after they took our info.

I'd call back and get referred to another person... and start over.

Then a month passed... and then 2.

Part of us was just looking to lower the monthly payment and interest rate... but if that couldn't happen and we could keep our payment and knock off some time on the loan, we'd still be sitting pretty.

I was all set to go into a bank in person since I was tired of the phone run around when I found out that a unit in our building sold for $100k a week ago...

$100k.... ***shakes head in shame because she knows we don't have that much money...***

I guess I was right the first time...

We really can't refinance our home.

:(