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Windfall - Peter Hentges

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July 19th, 2005

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11:42 am - Windfall
Just got the call from our mortgage guy. We're in the process of refinancing and the appraisal just came in. It turns out my house is worth a cool quarter-million. Which is roughly $50,000 more than we'd guessed it would be worth. The up-shot of which is that, for the same low rate for borrowing only 75% of the value of the house, I can borrow an additional $37,500. That'll go a long way toward paying of credit cards and other important things (like a new roof) even though we'll only see about 85% of the additional funds.

My credit is still fairly sucky, so I end up with a loan with an adjustable rate. Said rate, however, will start a good four points lower than my current rate and won't adjust for three years. At that time, we'll go through the whole refinancing thing again and see if my credit score has increased enough to get a decently-priced fixed-rate mortgage.

Overall, this looks like it will free up a few hundred dollars a month. It'll feel good to be able to get ahead a little every month.
Current Mood: happyhappy
Current Music: Got You Down--Paul Westerberg--Stereo

(3 comments | Leave a comment)


(Deleted comment)
[User Picture]
Date:July 20th, 2005 11:01 pm (UTC)

Woo indeed!

Hey, I just tried sending you mail to let you know to call me re: kitten visitation, but it bounced. Also the phone number we have for you doesn't seem to be working. So give a call if you get this and still would like to bring Soleil over.
[User Picture]
Date:July 19th, 2005 10:33 pm (UTC)
Congrats! (I don't have to use my sad story to warn you to be very sure the new mortgage payments will be manageable, do I?)
[User Picture]
Date:July 20th, 2005 11:03 pm (UTC)
Oh, no. The new mortgage will be several percentage points lower than our current one, resulting in lower payments than we have now. Throw in that I'm also going to use some of the money to pay off credit cards and remove their payments and that's where the few hundred dollars a month savings come from.

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