Yesterday, I received some good news and some bad news.

Let’s go for the good first.

A few months ago, I wondered to myself why we couldn’t get a lower mortgage rate. J and I had purchased our condo at the height of the housing boom (and just before the giant dip in mortgage rates), so our 30-year fixed rate was quite high at 6.5%.

Since applying for that loan and purchasing our home, our financial situation has changed (we went from 2 full-time income to 1 full-time and 1 measly freelancing) and we have a baby on the way.

So I took a full day to get all our financial information in order, took a deep breath, and called our mortgage lender.

It took several months, many hours on the phone, and numerous faxes sent back and forth.

I was ready to pull out my hair at certain points. Just how many different departments must I talk to before I can get a straight answer? And why can’t these different departments just TALK and SHARE our information with each other?

But it was worth it.

Sooo worth it.

Because yesterday, I learned that we were approved for a loan modification —

— a change in our interest rate that will save us almost $1,500 every month.

That’s an extra $18,000 a year. Money which could be put toward the baby and our long-term goals. Nevermind the peace of mind!

Now, for the bad news.

As a part of our application process, our lender ordered a home re-assessment for the current value of our home.

Our condo is now worth $50k less than what we paid for it.

I know that number is nothing compared to the blow dealt to other homeowners across the country. But it was a blow, nonetheless.

The moral of the story? (And the title of this post?)

It never hurts to ask!

I highly encourage everyone whose interest rates are higher than the current rates to call their lenders asap!