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Archive for September, 2019

To Refinance or Not? Help!

September 12th, 2019 at 11:39 am

The bank called me today. They wanted to let me know that 20-30 year mortgage rates are now 3.37% as compared to my 4.75% which I got last year. They were wondering if I would be interested in refinancing.

I told them to figure out my costs/fees and get back to me. I'm guessing it will be around $1,500 - $2,000.

If I do a 30 year old loan it would save me about $85 a month in interest or $1,020 the first year. Or we could go to a 23 year loan and keep the same payment.

Thoughts on if it's worth it or not?

Side Note:

It looks like we are going to have a $4,500 0% interest loan for a year for the waterproofing, and a $2,400 0% interest loan for medical bills. We don't want to take out another loan to get the dirt regraded. (Still waiting on quote, hopefully by tomorrow.) If it's in the $5k range should we consider rolling that into the new mortgage and just getting it done? Otherwise looking at a personal loan next year after some other stuff is paid down. Probably with 6%ish interest rate.

Foundation & Medical

September 6th, 2019 at 08:01 am

Good news and bad news!!

It looks like my echos will only be about $300 each rather than $3,700!!! So that is great. Hoping we won't hit out OOP this year, only next year now. (Still will be a few thousand this year but cash flowing so far.)

Bad news. Still having problems from the quality of work from the contractors we hired for our home addition. Had a "minor" foundation issue that was preventing us from regrading the yard. Finally got some people to come out and look at it. The quote is $4,500!? Yikes!

We also got another quote for $2,500 but I'm not sure they know what they are doing or if it will work. Since we are having problems from hiring lower quote workers in the first place I'm a little wary to take risks again. The higher bid is from a national company and comes with a 20 year warranty...

We could also do it ourselves for about $1,500 but no idea if we would do it right. Also that sounds like another project we don't have time for with an impending baby and a nursery to build. So I think husband is leaning towards paying for it to be done.

We will also have to regrade the yard and install drains from all our gutters out to the pond. Which will probably be a few more thousand dollars. Still getting final quotes, and still deciding how we will pay for this. May need to get a loan and pay off over a few years. Bummer, but seems like a necessity.

Paid the mortgage today bringing the balance to $113,351.70!