I went through a whole pile of emotion watching this: Thank you! It brought back some pretty intense and sad days from my time with working for banks (7 years) then the phone company here (23 years). How things have not changed.
This woman thinks a lot like I do. I wouldn't hesitate for a moment to try and make friends with her, in fact she's the kind of person both of us gravitate towards. She hit the nail squarely on the head. A paid debt is better than an unpaid one. A lower interest rate accomplishes this.
In the last three weeks I've had to wade into Mom's mortgage re-financing. It was so ridiculous that I pulled her mortgage from the bank she's with and took her to another. This new one is giving her everything she asked for and more.
Sweet. I did all her negotiating for her, so now she has a 160,000 mortgage fixed for 5 years at 3.85% plus two lines of credit at 15,0000 for 3.30%.
Her old bank wanted her old mortgage to be 168,000 (wtf?) at 5.65% which would include the lines of credit paid out( hence the higher amount) and then they offered her two more lines of credit at 6.85%! I asked, carefully, politely, why. They said her income was only 28k a year and so she had to pay the higher rates. W.T.F. ?
Mom signs the paperwork today...I can't be there because of piggy flu, but she cried a bit in gratitude and that's worth more than 160,000 dollars.