The refi is almost done. I got our appraisal back, and who hoo! I believe we will close at the end of the month. Here is the deal. Last year we got a 30 year mortgage with a 5 percent interest rate. It was a great rate at the time, and I was pretty happy. However I stay on rate alert, and last week 15 year mortgages came at 3.65 percent. So I said to Bey…let’s refinance. A 15 year mortgage at 3.65 percent is way better than a 30 year at 5 percent. We decided to go ahead and put another chunk of money down on the house and ta da the payment is almost the same!
I did the math ( right now Bey and I are on target to pay off our home September 2013). Based on that target we will save 16,000 dollars by doing this refinance. If we were to wait and pay the house off in 15 years we would save over 169,000 dollars in interest over the 30 year loan.
Other than boring finances Bey leaves tomorrow to go to Mississippi. I am buried and leaving for Hawaii soon so no Auburn football for me.
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