On Sunday I admit it: I was lazy and worn out. Wife finally pushed me out the door about 2pm. We drove to Gallery Furniture just north of us on I-45. HUGE furniture store. Sales people waiting vulture-like as we enter the store. "Irene" latches onto us and leads us to five separate areas with bedroom sets. We spend probably three hours wandering back and forth finally narrowing things down to five different sets that are "possibles". Good prices ... better than at Fingers the day before ... maybe not the highest quality furniture, but pretty good.
We finally burn out without making a decision and drive to another store we'd seen on the way to Gallery -- Star Furniture Outlet or something like that. Another big store but not filled with people like the other. Immediately I don't like that there are no prices listed. You have to have a salesperson run off and come back to you with a price when you want something. We wandered, but couldn't get enthusiastic about anything.
We drove to Kroger near the apartment, but decided we were too hungry to shop. We hit Gulf Coast Kitchen for a glass of Kendall-Jackson chardonnay, shrimp-crab quesadillas, smoked-corn-and-crab chowder, and crawfish etouffee. We're becoming regulars at this place. Excellent food if a tad pricey.
Suitably fuelled we hit Kroger for $200 worth of groceries. Everyone had the same idea and the store was pretty jammed. Too tired to cook, it was sandwiches for dinner and then some TV before bed.
Monday, yesterday, was a day of days. Hurricane Ike is headed right at Houston it seems. My insurance agent calls to verify we're closing on 19 September because she wants to get policy in the system before storm arrives. Evidently (and logically) State Farm shuts down order taking right in front of a storm ... sort of like not selling health insurance to someone who's already sick, I guess.
Then I receive a call from one of our Company-preferred lenders -- Citibank. They're offering 5.500% 30-year fixed mortgage. I'm sitting on an offer from another lender -- Wells Fargo -- for 5.875%. I decide I should give them a shot and write to my contact there. While I'm waiting for his reply, I receive another call from Citibank: rate is now 5.375% with a "float" -- meaning I get a one time option to take a lower rate if that happens between now and our close date. Plus I don't have to put taxes or insurance into escrow -- so I earn interest on that money instead of someone else earning it. I write to WF and receive a quick reply, "Can't match that." I call Citibank and say, "Sign me up." Citibank says, "Rates are back to 5.5% already, but I locked you at the lower rate so you are good to go." How cool is THAT?
What's it mean? A difference of about $400 per month in house payments -- about $4500per year savings. More than $120,000 total savings over the course of a 30 year loan. Zowie. Plus I've got to feel that with rates that low, more people will get back in the market and we should see house prices go up from here.
I NEVER time anything correctly. I'm sure the other shoe will fall and I'll find out that this really IS too good to be true, but, until then, I'm basking in my glory.
1 comment:
Oh I think you timed it about as perfectly as possible (sans Ike, of course). Since the Feds took over Fannie and Freddie today, mortgage rates just plummeted and the stock market loved it. You're sitting pretty!
I don't, however, envy your having to deal with furniture sales people. I've begun to be an anti-salesperson-ite, myself.
Good luck!
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