So another rave about advertising/marketing… Yesterday I received a letter from ‘Stephen Brandt’ of Westlake Village, CA. on what looks like Countrywide Home loan official letterhead. We are a current customer of theirs (although after this I do question that!) The letter offers us the opportunity to refinance our home loan to a new 30 year fixed to save an “Estimated Annual Payment Savings” of $6,925.

What the letter ensures it does not say is that we currently have a 15 yr fixed. So for the savings of about $577 a month, I can refinance (to a higher rate!) and spread the payments over 30 years instead of 15 years and pay the monthly payment of $1961 for an additional 15 years! Lucky Me!

Let’s look at the numbers:
$1961 x 12 months x 15 additional years = $352,980 in additional payments
And I also get to pay 2 points on the refinance… all on cute yellow paper with a table of impressive looking numbers.

Now of course this $577 may save someone from filing bankcruptcy but that aint us…

To be fair I guess the small faint print at the bottom on the back of the letter should not be overlooked by the desperate:
“Important Information: Please Read…” It is even underlined.

I think we have wasted enough time on Countrywide… and I am a blonde!