Refi update

Short version: we're not going to do it.

Long version: We're not going to do it because the house has lost too much value for us to stay at 20% equity. We are currently at about 22% equity, with a payment of $1800 a month at 5.875%. A good appraisal and the promised rate of 5% would have brought that down to $1600, which I definitely wanted to shoot for. Problem was that the appraisal came back at $38k (!) lower than what we paid. So because of this drop is house value, we would no longer be at 20% equity; it would be somewhere like 14% (!!). So we could have gone this route and then pay for mortgage insurance, but then our total payment would have been like $1750. If we wanted to get back to 20% equity, we would have had to pay like $22k (!!!). Uh, yeah, we don't have that kind of money, so no thanks. So I guess we'll just wait out the last three years of our fixed rate and see what the rates are doing then. Our luck they'll be up to freaking 30% or something. No, I don't have any confidence in the future state of the economy with this clownshoe coming into office. Why do you ask? [heh. the only word spellcheck didn't like was "clownshoe".]