Wednesday, June 19, 2013

Recent re-fi

Recently we refinanced out house.  The motivation to do so came from a Dave Ramsey podcast.  In it he essentially said, "For those who haven't re-financed, I don't know what you are waiting for.  There is some evidence that we have reached bottom on rates and that things will begin to go up from here."  For some reason, his few words motivated me to action.  I asked my wife to set up an appointment.

We choose to go with a local credit union.  They have been advertising low rates and a 10 and done scenario.  The process was super clean and I respect this organization because of how they handled the whole thing.

Our upfront cost was $500, which we paid out of our checking account, and then a $70 filing fee.  I choose to look at that money as a house payment.  They would not allow us to role those expenses into the loan.

We lowered our rate by 1.475%, took 3 years off the loan, but added $40 to our monthly payment.  These are numbers I can live with.

My ultimate goal is to live in a house that is completely paid for.  I see this re-fi as a step toward that goal. 

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