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Originally Posted by poohstixx
Mortgage and HEL:
- I have looked into refinancing with our current lender and have been told that there is not enough of a difference in current rates (home is at 5.25% and HEL is at 11.25%) for it to be beneficial. Note: our current HEL rate is 10.66%.
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I can't believe you can't do better than almost 11% on your HEL, but I guess it depends on your credit score.
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Day Care:
I'm surprised at the criticism I've received about the costs we pay for day care.
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If the person providing your day care was professional hired help, that would be one thing, but I think the reason so many of us commented on this is because it is your mother you are paying. My mother took care of my daughter plenty when she was younger and would never even dream of accepting payment for caring for her own granddaughter. Maybe gas money or bridge tolls but nothing more than that (and I know my mother wouldn't even have accepted that).
The fact that she retired to provide your day care does change the story a bit since she is dependent on that income. That makes negotiating kind of awkward, but if she knows you guys are having financial issues, perhaps she'd be willing to accept a bit less. Even $50/month less would help out.
Congrats on taking on this situation so quickly. I think you'll be fine.