So, yesterday DH called his Dad (the one with the PhD in Finance) to get his take on the idea of refinancing.
DH talked to me this morning and said very confidently, "Well, here is what we can do. We can refinance to another 15 year mortgage with a 4.5% rate, and get our payments to about $2900/month. Then we take the extra money that we would have paid on the mortgage and put it towards our emergency fund. Then once the fund is back up, we can double our payments on the mortgage again."
He said all this like I had never thought of the idea before.
I nearly dropped over, and then recovered, and pointed out to him that this was EXACTLY what I had been trying to say to him.
I was slightly insulted that he had to call his Dad to confirm what I had been trying to say to him.
But then we talked more about it, because we always do talk... and hugs were in order...
He said that he didn't realize that I meant that after we built up the EF again, that we could double up on our payments. I said, YES, that was my POINT, and what I was trying to say to him. I said, "Did you think that I meant we should take the extra money and blow it on useless stuff?"
No, No, he said - he didn't think I meant that.
Misunderstandings... What can you do? But at least we talked it out. I do love him very much...
So, he is going to research the idea. It takes him a while to get used to change. We jokingly say he is like a cat, and never wants to have changes in his life. He also doesn't like to do anything money-wise unless he has researched the idea to death. And yes, his Dad is a huge source of information. Although, the funny thing was his Dad didn't tell him anything he already knew...