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Thursday, March 11, 2010

Refi



My dad, Mr. Very Smart, does our taxes every year (thanks, Pops). Can I tell you how much I love that? It's a huge blessing. And very kind of him. He was taking a look at our form that shows info on your mortgage, and he called me. He asked if we had considered refinancing our house. I hadn't really thought much about it; I figured we hadn't been in it long enough to have very much equity. Dad made some calls to some people he knew (I swear he knows 95% of Idaho Falls), and he said he thought we could do it, lowering our interest rate, thereby saving us some money every month.

One of the things we had to do was get an appraiser to look at our house. I thought for sure it would appraise for more than it did. It only appraised for a thousand bucks more than what we bought it for 2 1/2 years ago! And that is after we have put in a new furnace and ventilation system and finished a bedroom downstairs. Crazy. And dumb.

Luckily, we were still able to proceed with the refinancing process, and we are so excited about it. Our old interest rate was 7.5%, I believe. Now we're at 4.875%. Huge difference. It's saving us money every month on our mortgage. Now we can use that extra moolah for a car payment! Our car only fits three kids; we need to upgrade. We were wondering how on earth we were going to do that, and voila. Blessings from heaven, sent through a very smart daddy.

6 comments:

  1. Awesome! I'm glad your house hasn't gone down in value... a lot of houses have. Here is a trick my mom told me about... whenever you do upgrades on your house (including putting in permanent bushes etc) save the reciept... that way when you sell the house you get to put those amounts towards improvements on the house and (somehow, I really need to have her run over that with me again) have less money taken from you. yay, for smart parents!!!

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  2. Wow!! That's great Kar!! That's an awesome interest rate! I wish we could refinance so soon after buying our house! I'm glad your dad suggested it!!

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  3. That's SO nice. Now you'll have to join the minivan club!

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  4. Such a great story! And a great dad. I love seeing the form blessings take on.

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  5. dad is the smartest man ever. ANY financial question i have i immediately ask him.

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  6. Wow, what a blessing! Let's hear it for smart Daddy's! WooHoo!! Glad this has worked out for you.

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