Tuesday, October 27, 2009

Ray of Sunshine

Despite our nasty plunge into credit card debt and wiping out our savings...we do have some good financial news!

We have decided to refinance our house. We will be going from a 28 year mortgage to a 13 year mortgage! It is a streamlined refi with no appraisal necessary. We lowered our interest rate by nearly 2 points and shrunk our time in debt with our house. I say it will be a 13 years because we have always had our mortgage deducted from our paycheck which comes every 2 weeks. If you are not already doing that you should! That extra paycheck or two really adds up. By doing this refi we will save roughly $190,000.00! Who doesn't like that number!

Our mortgage will go up around $25.00 a paycheck, but that is worth it to us. We will get one month off of not paying our mortgage when this transitions over and we have chosen to leave that money in the bank. Thus...the one month off will easily negate that extra $25.00 payment for a year or more.

My husband was so excited when the numbers came in..he was jumping for joy at the thought of being debt free of our mortgage in as little as 13 years. This has truly motivated us.

Now we are thinking of other possibilities...like really becoming debt free. Our van will be paid off in just one more year. If we start snowballing...who knows perhaps we could get rid of the student loans, car payments, credit card and our house in like 9 years! That would be awesome. You might be thinking I am dreaming and maybe I am ...but who doesn't like to dream big!


  1. that is a fantastic idea!!!! Congrats on that... wish we could refi, but our house is worth about what we owe (the good news, we aren't upside down!)

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