Friday, February 26, 2010

Lesson 26- A New Mortgage Payment

Earlier this week we got some super good news. Husband bought the house a little over three years ago, pretty much at the height of the housing market inflation.

So when the housing market crashed shortly after we were paying an inflated mortgage payment on a house that had lost significant value. Not fair in my opinion. But as my dad would always say, "Life isn't fair". But fortunately for us, Wells Fargo thought it wasn't fair either and lowered our interest rate to 2% for the next five year, saving us roughly $25,000, or $5,000 a year. See, super good news.

So I guess this lesson is check with your mortgage lender and see what programs they or the government are offering. And if you think, like we did, you won't qualify, give it a shot anyway...somebody has to qualify, and it very well might be you too!

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