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  1. 08-19-2010, 10:59 AM #1
    itlw8
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    Default mortgage decision time

    so it looks like we are going to refinance and cut the years left on mortgage.
    We are in our mid 50's so for us it is wise to cut the term.

    We have a heloc with 4000 left and only 49,00 left on the mortgage.

    We have not finished the doors on the kitchen cabinets so that will lower the appraisal.... but really with the garage addition and the dining room addition I know it has to appraise for more than 80,000 but under 100,000


    so the decision do we just call set up the appointment and take the lower appraisal. or finish the small projects before we call. ???



    history we made the cabinets, we have what I call temporary doors on 1/2 of the cabinet. They look nice but I said stop and we will start learning how to now make the real keeper doors. cost wise to finish my temporary doors under $50 time wise a few weekends they speed we work.

    Te other decision is to include the heloc or not we are down to the end where most of it is principal so my thinking is not and just make it work. If we do the 15 yr then we have a cushion in the budget to allow for the changes in my income.... But to be paid off in ten years is very tempting.


    We are at 6.125 now I believe we have 20 years left not sure.
    Meg

    cc debt free YEAH on to the mortage
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  2. 08-19-2010, 11:06 AM #2
    Greebo
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    Dont worry about it - even with a value of only 80k, a 53k refinance won't be a problem.
    If you could kick in the pants the person responsible for your problems, you wouldn't be able to sit for a month.

    Did you know that a 4 year student paying $20,000/year who finances their education graduates with over $103,000 in debt to start? But a student who works and pays cash and takes 6 years to graduate ends with $6,300 in their pocket! So much for "getting a head start by financing!"

    Greebo    (Nerd Spender): Loving and extremely patiently tolerated husband of ceashels.
     WARNING: Y Chromosome behind the keyboard. Adjust your listening filters appropriately!

    Three     Two mortgages, two one no car loans, one no credit cards, and a partridge in pear tree!
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  3. 08-19-2010, 11:08 AM #3
    Greebo
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    Although the low BALANCE might be...
    If you could kick in the pants the person responsible for your problems, you wouldn't be able to sit for a month.

    Did you know that a 4 year student paying $20,000/year who finances their education graduates with over $103,000 in debt to start? But a student who works and pays cash and takes 6 years to graduate ends with $6,300 in their pocket! So much for "getting a head start by financing!"

    Greebo    (Nerd Spender): Loving and extremely patiently tolerated husband of ceashels.
     WARNING: Y Chromosome behind the keyboard. Adjust your listening filters appropriately!

    Three     Two mortgages, two one no car loans, one no credit cards, and a partridge in pear tree!
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  4. 08-19-2010, 12:18 PM #4
    ansley
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    Quote Originally Posted by Greebo View Post
    Although the low BALANCE might be...
    I agree with Greebo. We were told by one place that they didn't touch loans for less than 60K.
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  5. 08-19-2010, 02:37 PM #5
    mek42
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    Quote Originally Posted by Greebo View Post
    Although the low BALANCE might be...
    It isn't unheard of for retail pricing on the low end to be 40k - 60k around here, so this is likely a regional issue.
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  6. 08-19-2010, 05:00 PM #6
    itlw8
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    so not owing enough can be a problem? hoping it is not as just a month ago they sent us something trying to get us to refinance.

    I am hoping since we will be going with the same company it won't be but maybe combining the two would be smart then.

    We need to start saving for a new truck not sure how long this one will last it is a 98



    Thinking we will just set up the appointment and go from there.

    we do have enough wood to finish the lower doors... we keep putting off the turntable doors... so it would be good to master that hinge and just be time not money.

    We can make our decision after talking with the bank I suppose.
    Meg

    cc debt free YEAH on to the mortage
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  7. 08-20-2010, 10:47 AM #7
    nodmicks
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    Check the credit unions. They were more than willing to refi us for quite a bit less than you owe
    ~July 19 saving goal for event $104/$1000
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