Ordinary Spouse and I finalized our home refinance this morning.  We dropped our rate from 6% to 5%, which was pretty nice, but not quite as nice as it could have been.  Since home prices have fallen, the equity that we have in our home has also fallen below 20%, and so we have to keep PMI.  That’s not so bad.  What is bad is that PMI premiums have increased 2.5 times since we started paying them five years ago.  That increase wipes out a nice portion of the savings from reducing our rate.  Oh, well.

Anyway, we walked into the office of the title company this morning, and I was wishing I had some note paper so that I could record the funny or crazy things that come along with all of the legalese that goes into a mortgage.

  • Our mortgage and associated documents ran for about 90 pages.  According to the person we worked with, this is unusually long.  Our wrists are tired.
  • There were even blank pages that we had to sign and initial.  At one point, I muttered to myself, “I hereby acknowledge that have read and understood this ‘X’.”
  • At one point, Ordinary Spouse was reading over how the mortgage company handles our personal information: “We may share your information with friends, friends of friends, or everyone…”  (She just joined Facebook.)
  • Some pages were signed in quadruplicate.  (I’ve never used the word ‘quadruplicate’ before.)
  • We had to sign every page of the amortization schedule.  As if we’ll still be in this house when we reach retirement…

So now that we’re saving money on the house, we’ll be able to feed Jack.

(Just kidding!  Just kidding!  Jack’s food supply has never been in question!)