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You'll have to pinch me

March 8th, 2012 at 09:56 pm

I think I am still in shock over this refinance. I still don't believe the numbers.

Last time we refied I was over the moon. For reference, when I shopped studio apartments in my early 20s, there was nothing decent under $1200/month or so. So, to refi down to almost $1100/month struck me as absurd (we live in a luxurious home).

This time, I just can't even think about it until it is final. $950. You know how many people I know our age in California who have a $950/month mortgage and an under $200k balance. Um, no one???

You will have to pinch me.

Looks like we will sign next week. I can't think too much about it until then. I keep literally dreaming it was all a mistake and it doesn't go through. It's this "too good to be true" feeling.

Once it finalizes I will be keeping 10-15 year loan rates in my peripheral. I really do not want to refinance again. Really! But, if we can pay down a chunk, I will be open to it. Right now I'd do it at $180k loan balance. & I keep hearing rates may drop even lower. So, if they do, I just want to keep my eyes open and be ready to run the numbers.

The economy sucks eggs, we all know, but it's nice to take advantage of the one silver lining. This is the only silver lining I see economically, these days. & I am hoping to eventually end up with 2.5% or 3% loan. (Though, don't get me wrong - NO complaints about 4% - even that is unreal).

Of course, you see it in the blogs - all these people who will be debt free in their 30s, etc., with these refinances. Crazy times...

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Other than that, we already got our dishwasher rebate. Holy cow!!

I mailed it in around the 23rd of Feb., and it was supposed to take 8-12 weeks. So that was a nice surprise! Got it before I even paid for the dishwasher. Woohoo.

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We should close next week on refi, and I went ahead and paid the property taxes early. SO, cash flow is not good for rest of month. IRS payment and IRA contributions are all on hold until April 1 pay day. (All the bills are paid and we card everything, but just annoyed I can't pay the IRS and fund the IRAs, and all that stuff, until April. It would all be done, otherwise).

I'll pay off the credit card next week - get all these big purchases paid off.

I ended up spending $5,000 of our savings this year already - shakes out to about $2000 in home repairs, $2000 for refi costs, $500 due to IRS and diverted $500 to IRAs. Ugh. I should just be relieved we didn't need any cash to keep 20% equity for refi. I am very relieved about that - it would have been worth it, but glad I can keep the rest of my cash. For now. I'll probably get $4k-ish back in April (overtime) and from there I look forward to some forward progress. {I'd even be fine with some treading water}.

I think heavy investors often picture cash as stagnant and worthless. I think this may illustrate why I find cash useful. Stagnant? Ha. It constantly ebbs and flows. Just to be clear I am not endlessly stockpiling cash for no reason. IT comes and goes, and I am always saving for that reason.

2 Responses to “You'll have to pinch me”

  1. Looking Forward Says:

    That is AWESOME! Big Grin Come here - *pinch* - LOL!

  2. NJDebbie Says:

    Considered yourself pinched! That's awesome!

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