A bit over a year ago, we refinanced our home, lowered our rates and paid off some of our other debt. We were conservative - financing less than 80% of the value of our home. We have NEVER taken one of the crazy risky loans. Every mortgage we have had for over 10 years has been a conventional regular old fashioned pay down the principle fixed rate loan. No sub-prime crap, no baloon payments, no 115% of value LOC, no 30-due-in-15 or any other tricky fancy loans. Just normal stuff.
This week, we decided to try and take advantage of the low interest rates, and save a couple percent. Additionally there are supposed to be some government benefits for loan companies to help people who are in good standing refinance that we were hoping to utilize.
We called to refinance our home, and found out this: