Refi

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....)

Comments

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.
8:32 AM
Cellomama 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!
1:21 PM
carrster said…
We went from 6.5% to 4.625%! I'd say that is quite an improvement!
8:34 PM
Meigan said…
Nicey nice!
10:18 PM
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