I know the post title sounds awkward. Believe me, it is pretty weird to experience, as it is something I'm doing this week.
As most of you know, Jenny and I are building a house (or at least, we hired other people to do it). Some of you may also know about how the housing economy has been doing lately. Answer: Not good. The feds just slashed rates again.
Jenny and I are refinancing a house that hasn't been completed yet. Weird huh? Question: Am I allowed to call it REfinancing if I haven't even made a payment yet?
Jenny I were contracted to be at 5.18%. But I have been on the phone a lot with my banker, who also attends Central with us and helped ease the loan process for us. Since we hadn't made a payment yet, we can refinance for no charge (or something like that. I forget the details but the point is it's free). We are now going to be locked in at what is estimated to be about 4.55% (for 15 years, it's higher if we go 30, which we most likely won't).
The real estate market is in panic mode...and when money people panic, something good usually happens for the buyer...so I'm taking advantage.
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