In Texas spring turns quickly to summer. Today reached ninety degrees, leaving it hot even after the sun went down. However, the wind has kicked up setting the chimes in the back yard alive and howling through the trees in the back yard.

I can’t sleep.

Not sure what is keeping me awake – the disappointment with our home mortgage re-finance process, the thoughts of Kathryn leaving for college, the sudden news that I will have to be away next week on business. All of these individually are small things; however I think that with them all together my mind is racing just a bit too fast for sleep to come.

Trying to take advantage of the low mortgage market seemed to be a no brainer. Reading about it on the bank website back in January made it seem so easy. Of course I would want to keep the loan with them. They have been like any other company that I have a recurring transaction with – they take my money on time and automatically, they get statements out on time, and each year I visit their website to see what to put on my tax forms.

However refinancing your mortgage is like buying a house all over again – just without the joy of a new home at the end. You pay a great deal of money to a lot of people you never see and at the end of the process you have the same crabgrass and squeaky door that you had when you started. The only difference is that you have a larger mortgage.

I know – reducing my rate is a good thing. Over twenty years I will save a lot of money. However, I am worried about the short term. While I don’t have to pay the interest, I also lose the interest deduction – so I am not sure if I come out ahead or I just pay the black hole of government what formerly went to the bank. Read the rest of this entry »