Banking Shenanigans

About six weeks ago, we decided it was time to refinance the mortgage. We’re 8 years into a 30 year loan, and current interest rates are more than two points less than we’ve been paying. Refinancing is going to knock about 15% off of the monthly payment, and two plus years off the remainder of the loan. I’ve been going back and forth with the loan officer, coming up with odd little bits of information and various bank statements. Sometimes it’s seemed like dealing with Mo, Larry and Curly – the process of trying to get my employment verification to the person who asked for it took a week of attempted emails and aborted faxes before I just hand-delivered it to the guy at the branch. [True story: when we got our mortgage 8 years ago, the bank never even tried to verify either my employment or my husband’s.]

The other day, the loan officer told me they needed just two more things – yet another bank statement, and a letter from me about my self-employment income. Why yes, you noticed my schedule C, I do have a tiny amount of self-employment income – I get three nickels for running ads on my blog, once in a while I do a sponsored post, and I do a teeny bit of social media work for a local newspaper. I sent the bank the following letter:

In the past few years, as reflected on our tax returns for 2009-2010-2011, I have had a small amount of free-lance income – from sponsored posts and ads on my blog, as well as a smattering of consulting work. I expect to continue to receive such income, but I do not expect it to rise beyond its current level of just about immaterial.

This morning Times revealed that Chase – our bank, as it happens – lost two BILLION dollars trading. And they want me to explain my bubkis free-lancing? Methinks they’re barking up the wrong damned tree.