OH MY GOD!!!!! You ever see a little kid jumping up and down having a full on fit, well I feel like doing that right now. And maybe punching something, say Fifth Third Bank!!!! I just got a letter from them today saying that they are lowering our Home Equity Line of Credit from $44000 to $22100. That maxes us out and it will lower our FICO scores. WHAT IS THIS CRAP! Our FICO scores are 814(Den) and 808(me). That is really high so we obviously pay our bills. And one of the last lines in this lovely letter was,
"Please understand that the reduction of your line of credit was not based on your payment record. Rather, this change is being made based on the formal analysis showing the value decline in your home and Fifth Third wants to help protect you from borrowing on your line of credit beyond the value of your home."
REALLY, they want to protect ME from borrowing too much. I'm really feeling like they are out to protect me. And the thing is we only owe $103,000 on the house and $22000 on the second mortgage. And our house is worth about $180000. So they would more than recoup their money if we defaulted. But on a side note, if you want to find the value of your house use this calculator, it's way cool!
So we were thinking about refinancing before and now we aren't think, we are doing. I called Chase and started the ball rolling. We were with Washington Mutual and now its Chase. But any who, we are going to role it all in for 30 years and the payment will be $1143. We are going to keep it at 30 years just in case anything ever comes up and we need the extra cash. But we will continue to pay $1300 a month and make one extra payment a year. The woman was so sweet and figured out that we would have it paid for in 11 years if we keep this up. So in the end, we will be a little better off and we won't be giving our money to the jack asses at Fifth Third.
So I just had to vent and I know that I'm not the first one to talk about this but you really don't get how upsetting this is unless it happens to you. And it's really not fair that they maxed us out and are beating up our FICO scores.
We will be financing $130500 total. That's with the closing costs and everything. And we are locked in at 5.125%, we were at 6.25%. Strange how sometimes the universe will make a decision for you or the morons at Fifth Third. The only thing that I didn't like was we had to pay $750 by credit card to Chase just to get everything started. So I'm going to rob the FL fund and just pay it back when we skip a payment in May. I know, I know that I should put that extra money towards the principal but I have to keep that fund, well funded.
Thanks for letting me vent,