I’m feeling a little sadistic right now. A large part of me is hoping the equity markets take a big dump again before the end of summer. Bring on the pain baby! I thought I was absolutely done with refinancing my primary residential mortgage in 2010 when I got 3.625% for 5 years. But, I just called my banker on 2/3/2015 and he says I can now get 2.25% jumbo and no points or fees for the same duration! Because I would simply refinance with the same bank, the process would be streamlined since they have all my documentation.
What is this world coming to? Who does that, putting more money in the pockets of consumers who never asked for it? Why save me thousands of dollars a year in interest expense when there’s a guy who’s been out of work for over two years and needs it more? If I do the refi, living in my house will be cheaper than living in a 2 bedroom rental. Something is wrong with how government policies are working. The more the Fed and the Treasury meddle, the more unintended consequences result.
Those with debt are the bad guys right? We’re living in houses we can’t afford to pay in cash, and we refuse to live in crappy rentals whose landlords never do any updating. Debtors are living it up because they can, and know there’s only one life to live. There’s no point making money if you aren’t spending your money. Meanwhile, savers are getting squeezed as their rates head to 0% and their equity investments go down the tubes. Debtors are being rewarded again for living beyond their means and that’s just fine by America and our politicians.