Finally! Refi update

[Deleted]

We finally got our appraisal back (it really did take 3 weeks).  We're going ahead!!  It's going to save us around $900 a month if we want to stay on the same 30-year pay off ($1100 if we extend to a new 30-year date).  That's going to be awesome.  However, in the short term I have to bring my kitchen fund and my vacation fund to the table to close the deal   No Costa Rica for us.  And I have to learn to love warped cabinet for another few years.  Sigh.  But I guess the good news is that prices are finally coming back a bit and we might eventually have some equity in this thing!

[boiler717]

Great news in the refi! Costa Rica will be there next year (or in a few!)

[bunnymendelbaum]

That's great!

[ktzmoh]

That's awesome! I feel you on vacation. Our vacation fund seems to keep getting bumped and bumped and bumped. Someday...

[ktzmoh]

That's awesome! I feel you on vacation. Our vacation fund seems to keep getting bumped and bumped and bumped. Someday...

[Deleted]

That is great. At a savings of $900 per month you will be able to afford Costa Rica before too long.

[Deleted]

Yeah, I'm hoping this is finally a turning point for this market and turning the corner on feeling like we've lost our shirts! It feels like we throw everything we have at the mortgage and we're still just treading water. We made a big down payment, paid off the piggy back in under 2 years, we throw extra at it every bonus, I paid extra principal almost every month. And we still have no equity and have to bring all the savings to the table. It's a little frustrating. But the monthly savings will be so nice.

[SusanBAnthony]

I feel you Juno. Our Minnesota house was like that. We paid off about 25% of the loan over 7 years, and lost 25% compared to purchase price when we sold. Goodbye slaving away for 7 years to send every extra penny to the mortgage so we wouldn't be underwater.

Then, 6 months after we sold, the market there started improving fairly drastically. Guess we should have gone ahead and rented it out for a few years. Kill me now.