I need to stop answering the phone ... or maybe change my phone number so that the telemarketeers can't find me.
This time, it was the bank that bought my mortgage when my original mortgage holder went belly up, and apparently, my original, original mortgage was owned by one of the pseudo-government lender FM twins.
So, the guy is giving me this big spiel about what this new government home mortgage program can do for me.
Okay, I had to give him a little latitude. He doesn't know me ;).
So, blah, blah, blah ... lower interest rate ... blah, blah ... save tens of thousands of dollars ... blah, blah ... something something APR.
"What's that?" I ask.
He says it has something to do with the government assigning this extra fee for giving me the privilege of refinacing my house loan at a lower interest rate. Not a very good explanation and certainly didn't answer my question of what it was for, and how it affected my loan.
But, okay, continue.
So, blah, blah ... Can I pull your credit report?
I say no.
He says he'll just run some numbers, then, and what do I think my credit rating is on a scale from 1 to 10, and so I tell him, and based on my answer he can get me a loan for 4 something or other percent ... and that mysterious 5+% APR (you know, because the government is doing me a favor, right?).
The gist was that I could reduce the loan period, decrease the interest rate, and increase my payment by a mere $40 per month. I'd end up saving almost $100,000 over the life of my loan. WooHoo! Sign me up!
No, wait. I'm just kidding.
I already knew that I wasn't going to refinance. Not tonight, anyway. Deus Ex Machina wasn't here, and there's just no way I'd make that kind of decision without him. I'd expect that he'd do the same thing for me.
And because I already knew that I was saying no, I had to ask the guy ...
"You're telling me," I say, "What this loan will do for me, and I get that, but tell me, if it's going to save me money, it's taking money away from the bank. What does my refinancing right now do for your company?"
I mean, seriously, if we've learned nothing else since September 2008, it is that every corporation in America is in it for the money. Profit is the bottom line, and if there's not something really significant in it for them, there's no way they'd be offering me this great deal.
I just wanted to find out if he'd tell me what the bank is getting out of my refinance.
He actually got pissed off at me over that question. I think it was a fair question.
I told him I'd talk to Deus Ex Machina, and IF we decided we wanted to refinance, we'd give him a call.