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Oh, I'm not in any financial trouble, just annoyed. I foresaw this happening, and I planned for it, so no big deal, but still annoyed at the bank. It's actually more risk for them not to refi. I bought a place for 30% less than we qualified for.
Sometimes, you have no choice but to spend a lot of money on housing. I did it out of necessity. Due to our jobs, kids, etc, we can't have super long commutes and mountain view is in a good location. The compromises to live cheaper elsewhere would have been much harder.
bubblesitter
2014 Feb 25, 12:43am
It's actually more risk for them not to refi. I bought a place for 30% less than we qualified for.
I think you are too honest. Play games with them. Try skipping a couple of payments and they will negotiate a lower rate for you. I have seen people being successful with that strategy.
Turns out that my bank says we don't have the income to qualify for a lower interest rate loan
Why not try another bank?
Last summer, I bought a house during the couple of weeks when interest rates spiked and sellers were getting a bit nervous. Interest rates have dropped a little bit, so I wanted to refinance to a lower rate, but since we got the loan, my wife's hours at work were cut back and so we have less income. Turns out that my bank says we don't have the income to qualify for a lower interest rate loan, so we have to continue to pay the higher interest rate loan we already have instead. Cool.
Genius. Sheer genius.