The good news, I suppose, is that after months of screwing around, I’ll be closing on the new mortgage for the homestead on Friday morning. The new rate, 1.26% less than the original note, will save me several hundred dollars a month.
As far as I can tell, all the paperwork is in good order and there theoretically shouldn’t be any problems getting to the closing table. The team I’ve been working with to get this work done have been spectacular – as johnny on the spot as any bunch of paper pushers I’ve ever dealt with. Color me cautiously optimistic.
I looked into a lot of options this time around – and strongly considered going with a 15 or 20-year mortgage to slice years off the life of the loan. Ultimately, though, reducing the overall cost of housing was the more important consideration. I can certainly allocate the savings to more entertaining or remunerative uses than keeping a roof over our heads. At rates under 3%, there’s very little incentive not to use other people’s money for as long as possible while seeking out a better ROI for my own dollars.
The only catch in this otherwise good news story was the moment I read over the estimated pay off date – sometime in 2051. As a child of the middle-to-late 20th century, 2051 doesn’t even feel like a real year. It’s some Jetson’s, deep space, basically unimaginably distant point in the future. Although I’ve spent nearly as much time in the 21st century as I did the 20th, I don’t think I’ll ever be entirely settled with it.
Under other circumstances, I’d be concerned about having a mortgage sticking that far out into the future – well past the date I expect to throw off the yoke of working for a living. As much as I like this house, though, staying here forever has never been the endgame. I think I’ve got one more big move left in me, hopefully to something built to suit my own undoubtedly quirky specifications. With this latest refinance, I won’t be paying off a hell of a lot of principle over the next 15 years, but I’ll make a modest dent. Throw in a decade and a half of (presumed) appreciation and there should still be a respectable nest egg to throw at building the last and final Fortress Jeff.
We’ll just have to see how well that particular plan holds up to the intervening years… but again, on this point I’m choosing to be cautiously optimistic.