It takes money to save money

Last week, we refinanced our mortgage for like the sixth time. We've refinanced it in the past when the interest rates dropped and we've knocked years of the life of the loan in the process. We hadn't intended to refinance it again, but a deal fell into our lap.

While we were in London, our mortgage company tried to get in touch with us. When we got home, Carol returned the calls and talked to an agent. They were offering to refinance our mortgage, lower the rate, reduce our monthly payment, and there were no closing costs. Yes, they were lowering the amount we would pay them at no cost to us.

Why would they do this? Presumably to keep us from refinancing with someone else.

It took a couple of weeks. We had to send in a bunch of documents and had a notary come in to witness our signing everything. But now it's done and our mortgage went down almost $80 a month.

I wonder how many people whose homes are underwater are getting this treatment. I wonder how many people who can't afford their mortgages are getting handed a deal for lower payments. Okay, actually I don't wonder as it's probably close to none. Since we have good credit and I have a stable salary, the banks are willing to go out of the way to cater to us. They won't do that for people who really could use a hand.

I'm happy that we're saving money, but this just illustrates another way the system is geared to help only those who don't need it.