Happiness Is Locking In A Low Rate With The Man Of Your Dreams

It’s true. I am a sucker for a guy who talks refi with me.

Actually, I usually bring up the subject. It’s part of our division of labor, I guess. Doug’s activities are weighted a bit more heavily on the income side, and mine tend to concentrate around how to divvy up the income and, always, how to continue finding and implementing the most effective cost-cutting measures. Between the two of us, we get the job done, and isn’t that what marriage is all about?

We built this house nearly 15 years ago, and at the time we took out a 30-year loan. These days, with Doug being nearly 57 years old and with me being the age that I am (Ha!), I would not be comfortable taking out a 30-year loan, or even a 15-year loan.

In fact, I remember my father, gone lo these 25 years, talking about a friend of the family who, at age 65, took out a 30-year mortgage.

“He’s retiring next year!” Dad said. “You’re supposed to have burned your mortgage years before you retire.”

My dad wasn’t just blowing smoke. He and Mom purchased their third and final home when I was six years old. By the time I, their oldest child, graduated from high school, they had paid off the house. They’d taken out a 20-year loan, and in 11 years, that puppy was history.

I’ll admit I’ve never gotten in the habit of making extra payments to my principal. But we have refinanced several times since our first mortgage on this house, which was at 8.25%. And each time, we’ve decreased the term of the loan as well as the rate.

When we closed on this refi last week, we signed paperwork for a 10-year loan at 4.625%. We had 11 years left on our previous 15-year loan, which was at 5.875%. That doesn’t sound like it would change our financial picture too much, but it really does.

If we were to take 10 full years to pay off this house (which we won’t, because the remaining mortgage is so small…), not only would we have one full year at the end without payments, but we would have saved nearly $50,000 besides! Yes, our house payment just went down a cool $400 per month.

I’m a believer in cutting small expenses where it makes sense, but sometimes those big ones can be trimmed without too terribly much effort and the return on your investment of a few hours time can be tremendous.

One day in the not-too-distant future, I plan to host an Old-Fashioned Mortgage Burning Party with the man of my dreams.

Call me my father’s daughter, but I can’t imagine anything better.

Posted by Katy on 06/25 at 05:54 AM

Fallible Comments...

You are my hero! We’re in the middle of refi as well, which is good because when we bought this house 3 years ago we hadn’t sold our other one, so we opted for the 30 year. I’ll be happy to move down to 15!

Posted by .(JavaScript must be enabled to view this email address) on 06/26 at 11:20 AM
D’Ann—I am rarely anyone’s hero, so you have given me tremendous joy. :)

Just so you know, you and your hubby are in the minority. The girl who closed our refi told us that only ONE % of all who refi SHORTEN THEIR TERM. Most go all the way back out to 30 (or more) years, and most of those cash out. All I have to say about that is: STOP THE INSANITY!!! :) Big congrats to you for getting on the 15-year track. You will be shocked at how much your principal will be reduced every month, compared to the lack-of-progress with the 30-year!

Posted by Katy on 06/26 at 11:33 AM
Great minds think alike! I just did the same re-fi…went from 5.8%, 30-yr fixed, to a 4.65%, 15-yr fixed. Tiny increase in monthly payments, but knocked off a boatload of interest!

Posted by .(JavaScript must be enabled to view this email address) on 07/03 at 09:14 AM
Yes, I would say that you, and hubby and I, are in the minority. We built our home in OK, lots of blood and sweat and paying as we went along. By the time we moved in, we had a small mortgage to finish, paid in five years. We lived mortgage free for years. Ah, but now we are moving closer to son, our final home, we hope. We mortgaged the paid home to buy this one! Feels very strange, but when we sell the OK, we will again be mortgage free. We generally only buy what we can pay for. Praise God for His blessings.

Posted by Curtiss Ann Matlock on 07/03 at 02:18 PM
I have never gotten in the habit of making extra payments to my principle.

Posted by Chennai Social Media Optimization company on 07/28 at 05:41 AM
I too share the experience of refinancing our mortgage for an excellent rate. It gives me confidence and security, especially in these hard economic times, to know that we made the right choice. I will recommend your article to all!

Posted by Happiness and Home Mortgage Refinancing on 07/28 at 02:52 PM
made my day
seems to be a great thinking

Posted by jammer on 08/27 at 01:36 PM
I will read your article.It gives me confidence and security, especially in these hard economic times, to know that we made the right choice.

Posted by Invest in Oil and Gas on 11/29 at 11:36 PM
I suggest you Just start talking to people. Call your bank and see what they have. Call the company that set up your mortgage originally. Call you real estate agent and see if they have any referrals for you.

Posted by altersvorsorge tipps on 12/02 at 05:58 AM
I plan to host an Old Fashioned Mortgage Burning Party with the man of my dreams.

Posted by sofortkredite online on 12/02 at 06:56 AM
Happiness, is something that you just need to understand sometimes coz, there are many ways of happiness! About happiness on finding your perfect match, i wish luck to everybody here!

Posted by Prepaid on 02/18 at 12:44 PM

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Personal blog of christian writer & fallible mom Katy McKenna Raymond in Kansas City, Missouri Katy is represented by Rachelle Gardner at WordServe Literary Read more Katy at LateBoomer.net Follow Katy on Twitter Recent Posts Ticking The Boxes Happy Ninth Blogiversary to ME! NaNoCryMo Predictability? Don’t Count On It It’s That Time Again! Losing It Acutely Not That Funny Coming To Terms With Writing Terms Another Great Conference! Catching Up Again, Or Still? Crazy! If Doug Had Seen This Movie Of Me As A Baby, He Might Not Have Ended Up With Chatty Katy I Can’t Believe We’re Finally Here Why I’m Always Glad To Have Written Happiness Is Locking In A Low Rate With The Man Of Your Dreams Search Advanced Search Syndicate Login E me at katy @ ngenius.com	Happiness Is Locking In A Low Rate With The Man Of Your Dreams It’s true. I am a sucker for a guy who talks refi with me. Actually, I usually bring up the subject. It’s part of our division of labor, I guess. Doug’s activities are weighted a bit more heavily on the income side, and mine tend to concentrate around how to divvy up the income and, always, how to continue finding and implementing the most effective cost-cutting measures. Between the two of us, we get the job done, and isn’t that what marriage is all about? We built this house nearly 15 years ago, and at the time we took out a 30-year loan. These days, with Doug being nearly 57 years old and with me being the age that I am (Ha!), I would not be comfortable taking out a 30-year loan, or even a 15-year loan. In fact, I remember my father, gone lo these 25 years, talking about a friend of the family who, at age 65, took out a 30-year mortgage. “He’s retiring next year!” Dad said. “You’re supposed to have burned your mortgage years before you retire.” My dad wasn’t just blowing smoke. He and Mom purchased their third and final home when I was six years old. By the time I, their oldest child, graduated from high school, they had paid off the house. They’d taken out a 20-year loan, and in 11 years, that puppy was history. I’ll admit I’ve never gotten in the habit of making extra payments to my principal. But we have refinanced several times since our first mortgage on this house, which was at 8.25%. And each time, we’ve decreased the term of the loan as well as the rate. When we closed on this refi last week, we signed paperwork for a 10-year loan at 4.625%. We had 11 years left on our previous 15-year loan, which was at 5.875%. That doesn’t sound like it would change our financial picture too much, but it really does. If we were to take 10 full years to pay off this house (which we won’t, because the remaining mortgage is so small…), not only would we have one full year at the end without payments, but we would have saved nearly $50,000 besides! Yes, our house payment just went down a cool $400 per month. I’m a believer in cutting small expenses where it makes sense, but sometimes those big ones can be trimmed without too terribly much effort and the return on your investment of a few hours time can be tremendous. One day in the not-too-distant future, I plan to host an Old-Fashioned Mortgage Burning Party with the man of my dreams. Call me my father’s daughter, but I can’t imagine anything better. Posted by Katy on 06/25 at 05:54 AM Fallible Comments... You are my hero! We’re in the middle of refi as well, which is good because when we bought this house 3 years ago we hadn’t sold our other one, so we opted for the 30 year. I’ll be happy to move down to 15! Posted by .(JavaScript must be enabled to view this email address) on 06/26 at 11:20 AM D’Ann—I am rarely anyone’s hero, so you have given me tremendous joy. :) Just so you know, you and your hubby are in the minority. The girl who closed our refi told us that only ONE % of all who refi SHORTEN THEIR TERM. Most go all the way back out to 30 (or more) years, and most of those cash out. All I have to say about that is: STOP THE INSANITY!!! :) Big congrats to you for getting on the 15-year track. You will be shocked at how much your principal will be reduced every month, compared to the lack-of-progress with the 30-year! Posted by Katy on 06/26 at 11:33 AM Great minds think alike! I just did the same re-fi…went from 5.8%, 30-yr fixed, to a 4.65%, 15-yr fixed. Tiny increase in monthly payments, but knocked off a boatload of interest! Posted by .(JavaScript must be enabled to view this email address) on 07/03 at 09:14 AM Yes, I would say that you, and hubby and I, are in the minority. We built our home in OK, lots of blood and sweat and paying as we went along. By the time we moved in, we had a small mortgage to finish, paid in five years. We lived mortgage free for years. Ah, but now we are moving closer to son, our final home, we hope. We mortgaged the paid home to buy this one! Feels very strange, but when we sell the OK, we will again be mortgage free. We generally only buy what we can pay for. Praise God for His blessings. Posted by Curtiss Ann Matlock on 07/03 at 02:18 PM I have never gotten in the habit of making extra payments to my principle. Posted by Chennai Social Media Optimization company on 07/28 at 05:41 AM I too share the experience of refinancing our mortgage for an excellent rate. It gives me confidence and security, especially in these hard economic times, to know that we made the right choice. I will recommend your article to all! Posted by Happiness and Home Mortgage Refinancing on 07/28 at 02:52 PM made my day seems to be a great thinking Posted by jammer on 08/27 at 01:36 PM I will read your article.It gives me confidence and security, especially in these hard economic times, to know that we made the right choice. Posted by Invest in Oil and Gas on 11/29 at 11:36 PM I suggest you Just start talking to people. Call your bank and see what they have. Call the company that set up your mortgage originally. Call you real estate agent and see if they have any referrals for you. Posted by altersvorsorge tipps on 12/02 at 05:58 AM I plan to host an Old Fashioned Mortgage Burning Party with the man of my dreams. Posted by sofortkredite online on 12/02 at 06:56 AM Happiness, is something that you just need to understand sometimes coz, there are many ways of happiness! About happiness on finding your perfect match, i wish luck to everybody here! Posted by Prepaid on 02/18 at 12:44 PM Page 1 of 1 pages Name: Email: Location: URL: Add a fallible comment... Remember my personal information Notify me of follow-up comments? Next entry: Why I'm Always Glad To Have Written Previous entry: Hail, Hail, The Dang's All Here! << Back to main


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Happiness Is Locking In A Low Rate With The Man Of Your Dreams

Personal blog of christian
writer & fallible mom
Katy McKenna Raymond
in Kansas City, Missouri