You might remember that in May, I inquired about refinancing from a local mortgage broker, and she offered only bad news - that we didn't qualify for the government mortgage programs and that we'd have to pay PMI if we refinanced. I don't believe I mentioned that she said she'd call me back with more information and never did, but that combined with her not knowing the difference between an area code and a zip code made me wonder if a second opinion would be worth obtaining.
These many months later, I finally got around to finding a second opinion. The local broker had recommended calling the company that holds our mortgage and asking for a better rate; I didn't think we'd have much luck taking that route, but I figured a phone call couldn't hurt.
I called to ask about refinancing, expecting to be told the same story, but the man on the phone was actually very helpful. He was some sort of pre-screener, and he quoted me a rate in the 4s (a whole lot better than what we have now) and said he we wouldn't have to pay PMI since we didn't have to pay it originally. Excellent news!
He asked if I wanted to speak with a loan officer; I said I'd rather wait till B got home, especially since the mortgage is in B's name alone. I made an appointment for someone to call later that evening.
When the phone call arrived, we put the loan guy on speaker phone so we could both chat. And he was even more helpful than the first guy!
He checked a couple of things and told us that we do in fact qualify for the Fannie/Freddie government program as long as we have at least 95 percent equity in our house. We're going to receive a phone call in the next couple days about an appraiser coming over; that meeting will determine how much we'll have to bring to the closing to reach that number. He also confirmed that we do not have to pay PMI.
He offered more great news - the rate that we locked is below 4 - shockingly low! I was happy with the rate that the first guy quoted and didn't think that it could possibly get any lower. But it did.
The best news of all? We're going from a 30-year mortgage to a 15-year mortgage, and our monthly payment is only going up a smidge. Oh, happy day.
One negative is that I'm not really sure of next steps that will happen. When I asked questions of that sort, his answers were typically, "Oh, they'll call you about that." We haven't received any phone calls yet, so I guess we don't have to do anything other than collect the paperwork he requested.
Stay tuned...if I learn any lessons from our refinancing adventure, I'll be sure to share.
Wednesday, August 25, 2010
Tuesday, August 24, 2010
Banff wildlife: Bighorn sheep (aka Rocky Mountain sheep) and a goat
Of all the wildlife we saw in Banff, the bighorn sheep were the most plentiful. They were everywhere! They appeared mostly in groups but sometimes flew solo. They were able to climb the steepest of rock with ease and were most frequently seen mineral deposits from the rocks and roadside.
Here are a few of my fav sheep pics, plus the one goat we saw.
In case you're wondering, both the males and females of the bighorn sheep have horns.
Here are a few of my fav sheep pics, plus the one goat we saw.
In case you're wondering, both the males and females of the bighorn sheep have horns.
Saturday, August 21, 2010
Banff recap
It's been a while!
My summer has been busy but great. B and I spent the start of summer in Banff, a glorious 2 weeks of jaw-dropping jocund days, misty mountaintops, and...I don't know how I'm going to work in standing tiptoe into that one. Apologies to R&J fans for my inadequate allusion.
We landed in Calgary and hopped in our rental car, a Hyandai Accent that we affectionately called the Silver Bullet, though it resembled a bullet more in size than in speed. No matter; it was an adequate vehicle for which I have greater fondness than is rational because of the wonderful adventures we enjoyed in it. Now I see these silver (and green and blue) bullets everywhere and feel wistfulness and nostalgia for our journey.
The drive between Calgary and Banff crosses unremarkable cow country. If you're heading east, it's dull. (I can confirm this fact because we did it on our drive back to the airport at the end of the trip.) If you're heading west, the mountains peak through the far-off clouds and promise great aventures ahead.
And we did have great adventures. We visited 4 national parks (Banff, Jasper, Yoho, and Kootenay) and one provincial park (in Kananaskis Country), walked on a glacier, saw countless waterfalls, rode up a couple mountain gondolas, saw turquoise-blue lakes, were chased by bees, saw the continental divide, and waded into 40-degree water. Ok, only B did that last one.
There aren't many roads out there, and they're mostly highways, but they have a set of rules and expectations that are wildly different from what we have at home.
First of all, bikers ride in the breakdown lane of highways because, as I mentioned, it's the only road available. There was very little traffic on the highway so it wasn't a big deal.
Second of all, stopping on any road is commonplace and expected. Everyone tries to pull over and put their hazard lights on, but everyone who comes behind them stops, too, because we all are there to see wildlife. And we saw a ton of wildlife.
We saw grizzly bears, black bears, moose, elk, bighorn sheep, moutain goat, mule deer, white tail deer, hoary marmot (dressed in a scandalous pink and lace outfit - haha just kidding), regular marmot (attired much more conservatively), porcupine, big-earred rabbit, and maybe a wolf. We saw the wolf on our first afternoon there; he was running down the median of a highway, and I assumed he was a big, black, wild-looking dog. Oh, to go back in time and take a picture!
We saw so much wildlife we became complacent about it. "Oh, it's only one elk," we would say dismissively, having seen many groups of elk previously. Or, "Oh, it's just some more bighorn sheep," since we saw over a hundred of them over 2 weeks.
We have the Silver Bullet to thank for all of our wildlife spotting. People on big-bus (and even smaller-bus) tours see much less wildlife. We know that because we spoke to some such people and their wildlife counts were significantly less impressive than ours.
Not that it's a contest. But if you're interested in seeing lots of animals and being able to choose your daily adventures, consider going it alone.
We had a solid itinerary to guide us through our trip, and we mostly stuck with it. It ensured that we didn't miss the best sights and provided us with back-up options for when the weather was less than ideal.
The weather was good. Most of our days were overcast; a couple days were beautiful and sunny; and a couple days were rainy. Temps were on the chilly side most of the time, 50s and 60s, and cooler at night. Days were long enough that we always had to fall asleep in the daylight and never saw a single sunset. We did see a sunrise on the day we flew home. Early flight.
I recommend a trip to the area to anyone who wants to see beautiful vistas and wildlife. There's a peace of mind and a level of relaxation that come with a nature-oriented trip, a feeling that you can't get in a city. It was a great change of pace from our usual trips.
My summer has been busy but great. B and I spent the start of summer in Banff, a glorious 2 weeks of jaw-dropping jocund days, misty mountaintops, and...I don't know how I'm going to work in standing tiptoe into that one. Apologies to R&J fans for my inadequate allusion.
We landed in Calgary and hopped in our rental car, a Hyandai Accent that we affectionately called the Silver Bullet, though it resembled a bullet more in size than in speed. No matter; it was an adequate vehicle for which I have greater fondness than is rational because of the wonderful adventures we enjoyed in it. Now I see these silver (and green and blue) bullets everywhere and feel wistfulness and nostalgia for our journey.
The drive between Calgary and Banff crosses unremarkable cow country. If you're heading east, it's dull. (I can confirm this fact because we did it on our drive back to the airport at the end of the trip.) If you're heading west, the mountains peak through the far-off clouds and promise great aventures ahead.
And we did have great adventures. We visited 4 national parks (Banff, Jasper, Yoho, and Kootenay) and one provincial park (in Kananaskis Country), walked on a glacier, saw countless waterfalls, rode up a couple mountain gondolas, saw turquoise-blue lakes, were chased by bees, saw the continental divide, and waded into 40-degree water. Ok, only B did that last one.
There aren't many roads out there, and they're mostly highways, but they have a set of rules and expectations that are wildly different from what we have at home.
First of all, bikers ride in the breakdown lane of highways because, as I mentioned, it's the only road available. There was very little traffic on the highway so it wasn't a big deal.
Second of all, stopping on any road is commonplace and expected. Everyone tries to pull over and put their hazard lights on, but everyone who comes behind them stops, too, because we all are there to see wildlife. And we saw a ton of wildlife.
We saw grizzly bears, black bears, moose, elk, bighorn sheep, moutain goat, mule deer, white tail deer, hoary marmot (dressed in a scandalous pink and lace outfit - haha just kidding), regular marmot (attired much more conservatively), porcupine, big-earred rabbit, and maybe a wolf. We saw the wolf on our first afternoon there; he was running down the median of a highway, and I assumed he was a big, black, wild-looking dog. Oh, to go back in time and take a picture!
We saw so much wildlife we became complacent about it. "Oh, it's only one elk," we would say dismissively, having seen many groups of elk previously. Or, "Oh, it's just some more bighorn sheep," since we saw over a hundred of them over 2 weeks.
We have the Silver Bullet to thank for all of our wildlife spotting. People on big-bus (and even smaller-bus) tours see much less wildlife. We know that because we spoke to some such people and their wildlife counts were significantly less impressive than ours.
Not that it's a contest. But if you're interested in seeing lots of animals and being able to choose your daily adventures, consider going it alone.
We had a solid itinerary to guide us through our trip, and we mostly stuck with it. It ensured that we didn't miss the best sights and provided us with back-up options for when the weather was less than ideal.
The weather was good. Most of our days were overcast; a couple days were beautiful and sunny; and a couple days were rainy. Temps were on the chilly side most of the time, 50s and 60s, and cooler at night. Days were long enough that we always had to fall asleep in the daylight and never saw a single sunset. We did see a sunrise on the day we flew home. Early flight.
I recommend a trip to the area to anyone who wants to see beautiful vistas and wildlife. There's a peace of mind and a level of relaxation that come with a nature-oriented trip, a feeling that you can't get in a city. It was a great change of pace from our usual trips.
Monday, May 24, 2010
Good hair
I get my hair cut and colored every 4 months because (a) I'm still growing my hair out from the last big chop, and (b) Such visits aren't cheap, but I am (about some stuff, anyway). This weekend, at my thrice-annual salon visit, my hairdresser tempted me with a new texturizing treatment called Keratin. She said it eliminates frizz and will leave my hair straight and easily manageable.
Another stylist at the salon had just had it done. She said she went from spending 120 minutes (!) blowdrying her hair to only (!) 45 minutes, and her hair was now straight. She was clearly blissfully happy with her new frizz-free hair.
"Just think of all the time you'll save!" she said. I kept to myself that my blowdrying sessions rarely reach 10 minutes, but I was tempted by the treatment anyway. The older I get, the wavier my hair gets, and sometimes I wish for the bone-straight hair that is all the rage these days.
"Does it hurt?" I asked of the treatment.
"No, not at all," my stylist said.
"How long does it last?" was my next question.
"On your hair, probably 6 months," she answered.
And then, the all-important question: "How much does it cost?"
She paused (for dramatic effect?). "$470."
You might think that the price tag was a dealbreaker. Instead, my first thought was, "How can I convince B that a $470 hair treatment is a worthwhile way to spend our money?"
"How can I convince my husband that I need this?" I said aloud.
She said that she had it done, and her husband was thrilled with the results--not so much with the appearance of her hair, but because he no longer had to help her blowdry her hair, and they could leave the house in a reasonable amount of time.
Because I am able to get ready in a reasonable amount of time as it is, I didn't think this argument would hold water with B. However, surely he would understand that the opportunity to get the hair I've always dreamed of was worth $470, maybe even more. (Ok, it would definitely have to be more, especially when you considered the tip that would be required for such a treatment.)
I told my stylist I'd seriously consider the treatment, all the while calculating how long it might take for me to save up my monthly allowance for such an extravagance, and whether I would be able to stop spending for long enough to do so. Plus I decided that perhaps I ought to research this magical Keratin treatment to determine whether it was actually safe.
The research idea turned out to be a good one. My initial review revealed only happy customers who loved what the treatment had done to their hair. But, as with any beauty treatment, Keratin had its naysayers. I paid particular attention to them and dug deeper.
The main problem with Keratin is its active ingredient, which you might remember from biology class--it's formaldehyde. What you might not remember from biology (or perhaps chemistry) class is that formaldehyde is a carcinogen, and that you're supposed to wear a gas mask if you're anywhere near it. Since my stylist didn't mention a gas mask accessory to the treatment, I determined that safety protocols with this treatment were perhaps not the best.
Some companies advertise formaldehyde-free Keratin treatments, but it seems that most, if not all, contains other variations from the aldehyde family, which is essentially the same ingredient with a different name. It's no less dangerous, and perhaps even more so because people think they're opting for the safer product when they are not.
The question of how to pay for this treatment no longer needs an answer, as I have decided that I'd rather have wavy hair than cancer. But now I am even more concerned because I will have no way of knowing in advance whether my salon is performing the treatment on someone while I am there, and just being in proximity of it is dangerous. Luckily, I am no wallflower and will speak up should I see it being performed.
Speaking of spending enormous sums of money on hair--if you haven't seen Good Hair, the Chris Rock documentary, I highly recommend it. It opened my eyes to a hair world that I didn't even know existed and raised great questions that people ought to think about. The documentary, along with the formaldehyde revelation, are convincing me that being happy with what the hair that you have leads to a simpler and easier life.
Another stylist at the salon had just had it done. She said she went from spending 120 minutes (!) blowdrying her hair to only (!) 45 minutes, and her hair was now straight. She was clearly blissfully happy with her new frizz-free hair.
"Just think of all the time you'll save!" she said. I kept to myself that my blowdrying sessions rarely reach 10 minutes, but I was tempted by the treatment anyway. The older I get, the wavier my hair gets, and sometimes I wish for the bone-straight hair that is all the rage these days.
"Does it hurt?" I asked of the treatment.
"No, not at all," my stylist said.
"How long does it last?" was my next question.
"On your hair, probably 6 months," she answered.
And then, the all-important question: "How much does it cost?"
She paused (for dramatic effect?). "$470."
You might think that the price tag was a dealbreaker. Instead, my first thought was, "How can I convince B that a $470 hair treatment is a worthwhile way to spend our money?"
"How can I convince my husband that I need this?" I said aloud.
She said that she had it done, and her husband was thrilled with the results--not so much with the appearance of her hair, but because he no longer had to help her blowdry her hair, and they could leave the house in a reasonable amount of time.
Because I am able to get ready in a reasonable amount of time as it is, I didn't think this argument would hold water with B. However, surely he would understand that the opportunity to get the hair I've always dreamed of was worth $470, maybe even more. (Ok, it would definitely have to be more, especially when you considered the tip that would be required for such a treatment.)
I told my stylist I'd seriously consider the treatment, all the while calculating how long it might take for me to save up my monthly allowance for such an extravagance, and whether I would be able to stop spending for long enough to do so. Plus I decided that perhaps I ought to research this magical Keratin treatment to determine whether it was actually safe.
The research idea turned out to be a good one. My initial review revealed only happy customers who loved what the treatment had done to their hair. But, as with any beauty treatment, Keratin had its naysayers. I paid particular attention to them and dug deeper.
The main problem with Keratin is its active ingredient, which you might remember from biology class--it's formaldehyde. What you might not remember from biology (or perhaps chemistry) class is that formaldehyde is a carcinogen, and that you're supposed to wear a gas mask if you're anywhere near it. Since my stylist didn't mention a gas mask accessory to the treatment, I determined that safety protocols with this treatment were perhaps not the best.
Some companies advertise formaldehyde-free Keratin treatments, but it seems that most, if not all, contains other variations from the aldehyde family, which is essentially the same ingredient with a different name. It's no less dangerous, and perhaps even more so because people think they're opting for the safer product when they are not.
The question of how to pay for this treatment no longer needs an answer, as I have decided that I'd rather have wavy hair than cancer. But now I am even more concerned because I will have no way of knowing in advance whether my salon is performing the treatment on someone while I am there, and just being in proximity of it is dangerous. Luckily, I am no wallflower and will speak up should I see it being performed.
Speaking of spending enormous sums of money on hair--if you haven't seen Good Hair, the Chris Rock documentary, I highly recommend it. It opened my eyes to a hair world that I didn't even know existed and raised great questions that people ought to think about. The documentary, along with the formaldehyde revelation, are convincing me that being happy with what the hair that you have leads to a simpler and easier life.
Sunday, May 23, 2010
Coming up for air
This month, we have two house-related events to celebrate: first, the fourth anniversary of our closing, and second, the paying off of our second mortgage.
We took out a second mortgage rather than pay PMI, or rather, B did all of these things, since we weren't married when he bought the condo. The second mortgage was necessary because we didn't have a 20 percent down payment. It wasn't due to general slackitude - real estate prices around here are high, and they were even higher 4 years ago.
You would think that we would now have equity in our home--but if you thought that, you would be wrong. You see, real estate prices have also dropped about 20 percent. So we've worked very hard these last few years to...not be underwater anymore with our house. 'Tis a bittersweet accomplishment.
I thought that an appropriate reward would be a little refinancing action so we could lower our rate and make our payments toward our primary mortgage count even more. However, a call to a local mortgage broker turned up only bad news. First, our mortgage is not through Fannie Mae or Freddie Mac, so we don't qualify for the government programs that require only 5 or 10 percent equity to refinance. Instead, we'd have to wait to refinance until we had 20 percent equity, or refinance now and pay PMI.
Yes, PMI, even though we've already paid down 20 percent. If we refinanced, we'd essentially be starting from scratch, as if we were taking out a loan for 100 percent of the value of our condo. All of our efforts for the past 4 years would not count. And we'd be stuck with PMI for 5 years or until we paid down 20 percent of the new loan.
Now is a good time to remind myself, as I have been reminding myself since real estate prices dropped, that life can still be great even when parts of it aren't fair, and that expectations of fairness in life will lead only to disappointment. And technically, we won't realize a loss on our condo until we sell it, and we don't plan to sell for several more years at least. By then we'll have more equity.
On the bright side, my Dunkin Donuts index tells me that the economy is coming back. People are back to paying for their daily morning coffee. Parking lots of local area shopping complexes are full again. The bargain basement hotel deals of last year are difficult to find this year.
That last one isn't really part of the bright side, but I appreciate that it is a sign of a recovering economy.
We took out a second mortgage rather than pay PMI, or rather, B did all of these things, since we weren't married when he bought the condo. The second mortgage was necessary because we didn't have a 20 percent down payment. It wasn't due to general slackitude - real estate prices around here are high, and they were even higher 4 years ago.
You would think that we would now have equity in our home--but if you thought that, you would be wrong. You see, real estate prices have also dropped about 20 percent. So we've worked very hard these last few years to...not be underwater anymore with our house. 'Tis a bittersweet accomplishment.
I thought that an appropriate reward would be a little refinancing action so we could lower our rate and make our payments toward our primary mortgage count even more. However, a call to a local mortgage broker turned up only bad news. First, our mortgage is not through Fannie Mae or Freddie Mac, so we don't qualify for the government programs that require only 5 or 10 percent equity to refinance. Instead, we'd have to wait to refinance until we had 20 percent equity, or refinance now and pay PMI.
Yes, PMI, even though we've already paid down 20 percent. If we refinanced, we'd essentially be starting from scratch, as if we were taking out a loan for 100 percent of the value of our condo. All of our efforts for the past 4 years would not count. And we'd be stuck with PMI for 5 years or until we paid down 20 percent of the new loan.
Now is a good time to remind myself, as I have been reminding myself since real estate prices dropped, that life can still be great even when parts of it aren't fair, and that expectations of fairness in life will lead only to disappointment. And technically, we won't realize a loss on our condo until we sell it, and we don't plan to sell for several more years at least. By then we'll have more equity.
On the bright side, my Dunkin Donuts index tells me that the economy is coming back. People are back to paying for their daily morning coffee. Parking lots of local area shopping complexes are full again. The bargain basement hotel deals of last year are difficult to find this year.
That last one isn't really part of the bright side, but I appreciate that it is a sign of a recovering economy.
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