Wednesday, May 13, 2009


The refi is complete! Whew! I didn't think it was going to go through for a while yesterday - not because of anything we did (or didn't do) but the banks & title companies are so overwhelmed right now with everyone refinancing that things are generally chaotic.

The good news is, we had to come up with about $800 less that we originally thought. Which isn't a TON but was enough to make things a little less tight around here.

Our mortgage is now $6k less than it was; our monthly payments are almost $200 less. Our taxes will be going down a little bit too because I had the city accessor come out and reappraise our house (our appraisal & our tax statement were off by about 7%) - it won't be a ton but hey, I take what I can get.

Now we only need to come up with another 10% of our mortgage to drop the evil PMI. I can't wait! Of course that'll take quite a while but a lot less since yesterday. We also make two payments a month which turns out to be an extra payment a year - which cuts about 6 years off the mortgage and A SH*T TON of interest.

The best part? No mortgage payment due til July 1! whohooo! That feels REALLY nice. (even if we did spend all of our savings yesterday....)


feisty said...

i will be worth it - you have saved thousands already!

evil PMI. i agree. if someone has good credit, why do we have to pay it? stupid.

Cello Mama said...

Congratulations! That $200/month will help rebuild your savings, and it's totally worth it to lower your overall interest rate.

Definitely a smart move!

carrster said...

We went from 6.5% to 4.625%! I'd say that is quite an improvement!

Meigan said...

Nicey nice!