The Deets

Peeking in here for a quick update.

I got a call from the finance officer and was told final approval is a done deal. I’ve reviewed the closing documents and just waiting for a final date/time to sign the paperwork and pick up a check. Since it’s down to the wire, I’m gonna share the part I held back about the refi.

1. As I already said, we’re getting enough over the amount of what we owe to pay for a new heat pump.

2. We’re getting a slightly lowered payment. It’s more than the difference between my old car payment with the Kia Soul and the new payment with Stormtrooper. On a monthly basis it isn’t a lot. Over the course of the mortgage, it’s huge. See #3 & #4, below.

3. Here’s what had me hyperventilating to be sure it went through. We’re refinancing when we’re two years into a standard thirty-year mortgage. The refi is for a twenty-year mortgage. Fixed rate, no balloon payment.

4. I did the math. Over the course of the loan, it will save us a staggering amount of money.

Our payment was already cheaper than you can rent a rat-infested trailer in the bigger city nearby, in an area where rents are well below what you could find anywhere in the Phoenix metro are.

We saw an ad for this rental today and were flabbergasted at what people were asking for an absolute dump – and knowing because it’s so far below market and people are so desperate, someone will pay it. The trailer shown below rents for more money than I paid this month for our mortgage, pre-refi:

Granted, we live in a simple little house. Compared to this, though, it’s a mansion. And after the refi goes into effect, our payment will be even lower.

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You can see why I didn’t want to jinx things. I was honestly almost as concerned about carrying a 30-year mortgage as a slight change in the dollar amount, when I initially started this process. After all, I’m a dinosaur.

Of course, that was before I realized I could have my cake and eat it, too. I’d love it more if it were a 10- or 15-year mortgage. We went through the numbers. Sadly, those entailed biting off just slightly more than we could chew – at least for now.

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Nearly forgot. Kind of a side note. I was pretty fed up with the amount I was paying for insurance – both car and homeowners’ insurance. The loan officer hooked me up with an agent who ALSO cut the cost of my car insurance by more than half, and also reduced the home insurance while providing higher coverage.