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4% Locked

December 9th, 2011 at 11:51 am

Does it sound too good to be true?

You betcha!

I'll get back to you in about 60 days.

I see no reason why we can't close a refinance in 60 days. But, from prior experience, and considering the insane rate of refinancing right now... All I Can do is not think about it or get too excited until it is official and those closing papers are signed.

But, a commitment has been made, and a huge leap towards 4% has been taken.

4%, 30 year mortgage. I can't even tell you how much this improves our long-term financial position. Will most likely pay it down as a 20-year-loan, by simply paying old payment which also very low to begin with, while still trying to scrounge about $4,000 per year in extra principal payments (outside of my own income). In the first year, we would knock out $10,000 in principal.

Anyway, I absolutely can not think about it until we sign the papers! It is too good to be true! (& yes, I Said the same thing last time - I think that one was almost more shocking, because we knocked our mortgage payment to the realm of the crappy studio apartment rentss I was looking at in the mid 1990s. I will never complain about paying $1100/month for this beautiful home, neighborhood, community. $900 is simply too unreal to imagine).

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What's funny is that last time we refied was the year my identity was stolen, and I was in the middle of some pretty serious 0% credit card arbitrage (more free money from credit cards). The refi was after the identity issues were cleaned up, but while I had several credit card balances (& tons of cash earning a high interest rate).

I've never opened up so many credit cards in my life, and here I am with another amazing refi opportunity.

Is the greater purpose of this blog simply to say, "I can do a lot of credit card deals without hurting my credit score!" ? IT feels like a theme. I know there are people out there thinking I am insane to do all these credit scores because it will ruin my FICO, and stuff like that. You can see why it doesn't worry me. Wink

4 Responses to “4% Locked”

  1. Petunia 100 Says:

    That's awesome! Congrats. Smile

  2. PauletteGoddard Says:

    Congratulations! Past refinances, including this current one, give me an adrenaline rush in the anticipation period until signing, and when I feel I've got a "too good to be true" mortgage I am high for weeks. Is it that way for you too?

  3. frugaltexan75 Says:

    Hope it goes well! $900/month is a great deal for your house!

  4. MonkeyMama Says:

    "Is it that way for you too?" Oh yes!

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