Friday, January 25, 2008

Update on an Update

No Car for You!
Looks like my Lumina stays in my good hands for awhile longer. The car from work didn't pan out. It winds up it needed work that we wouldn't have been able to afford anyway.

Thank you President Bush
I was able to plan a little extra cash for the snowball in June. IF I'm reading all the rumor mills and speculations correctly our family will receive $1500. ($1200 for working couple plus $300 for each child)

Looking at the web yesterday and saw that the mortgage rates dropped. I'm wondering if it would be worth the re-fi to put the mortgage and HELOC back into one loan -- even if I get hit with the PMI because we don't have the 20% equity yet. The HELOC originally had 5.25% when we closed on it -- it went up as high as 10.5% and is now down to 9.5%. The mortgage is at 5.9% and if I could refi and get 5.9% or lower for both loans combined, I THINK I would be okay. I really want to get rid of this variable loan!

The problem is I have to trust a snake (banker) to help me work through the logistics of this. I got snaked into the "creative financing" in the first place because it was a "good idea to lose the PMI"

I found that IF I could get this loan refinanced that I could be officially out of debt except for the house by summer of 09. NEXT YEAR! Seeing that the HELOC actually is part of our mortgage, I don't feel I was cheating the DR System by consolidating.

What do YOU think?


Kris said...

Weird that you posted this right now - we were actually considering refinancing the house with mortgage rates at a decent price. If we did and were able to, we'd also take out enough to pay off the BECC's.

Not sure what we'll do yet, we're still in "thinking" phases. It sure would be nice, though!

I hate dealing with banks...

Wendy said...

I'm having major trust issues lately. Seems like our friendly neighbor who sold us our last refi really did a number on us.

Should be interesting seeing how we work through this one. :)

myself said...

Did you get it done.
That's what we did. And we didn't feel that we cheated the DR plan, since (like you said) it's all part of the mortgage debt.
I was just told by our mortgage broker that the rates have crept up again to around 5% for a 15 year. We locked in at 4.625% for a 15 year.