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How do I know this?
Well, I've been working on various house projects, and one of the most exciting things to develop was finally making progress on refinancing this place. My mortgage has a variable interest which is due for it's first adjustment (in the upward direction) next month, so I decided that it would be in my best interest to talk to the mortgage broker who got me into this spooky old house in the first place and see what she could come up with.
Lo and behold, she found a deal that would knock 3 points off of the interest, and it would finally bring in an escrow account (so I don't have to deal with setting aside $$ for my insurance or property taxes). All told, I end up saving about $100 a month even though I throw in some of my old debts. So, all in all, a good deal.
It's nice knowing people who can track down good deals for you (and it's nice knowing enough about mortgages and such that I can look at a deal and actually understand the various terms and numbers they throw around).
Now I just need to see what the fine print is and what information they need from me (I also need to time it right so that I can refinance the loan at the right time so that I don't get hit with prepayment penalties from the original mortgage).
Still though, I am getting old... I was actually giddy when I was looking over the good faith estimate she emailed me earlier and I gleefully pulled up my amortization spreadsheet so I could play around with the numbers a bit. I mean, you can't gleefully pull up a spreadsheet without realizing that you really aren't a kid anymore ;)... but that's ok. I get to play with much cooler toys now ;)
Well, I've been working on various house projects, and one of the most exciting things to develop was finally making progress on refinancing this place. My mortgage has a variable interest which is due for it's first adjustment (in the upward direction) next month, so I decided that it would be in my best interest to talk to the mortgage broker who got me into this spooky old house in the first place and see what she could come up with.
Lo and behold, she found a deal that would knock 3 points off of the interest, and it would finally bring in an escrow account (so I don't have to deal with setting aside $$ for my insurance or property taxes). All told, I end up saving about $100 a month even though I throw in some of my old debts. So, all in all, a good deal.
It's nice knowing people who can track down good deals for you (and it's nice knowing enough about mortgages and such that I can look at a deal and actually understand the various terms and numbers they throw around).
Now I just need to see what the fine print is and what information they need from me (I also need to time it right so that I can refinance the loan at the right time so that I don't get hit with prepayment penalties from the original mortgage).
Still though, I am getting old... I was actually giddy when I was looking over the good faith estimate she emailed me earlier and I gleefully pulled up my amortization spreadsheet so I could play around with the numbers a bit. I mean, you can't gleefully pull up a spreadsheet without realizing that you really aren't a kid anymore ;)... but that's ok. I get to play with much cooler toys now ;)
excited