Just signed the paperwork, so we're good to go. We did a no-cost refinance with our current lender and dropped our interest rate by 0.75%. We weren't able to change the terms of the loan if we wanted to stay within the no-cost refi, so we're still in a 30-year mortgage, but we should have it paid off in 14 years if we just keep paying it the way we have been. If we get a little more gazelle, we can get it done in 13 years.

We couldn't afford this house when we bought it nearly 8 years ago. We put 10% down, got a high-interest loan for 10% and got a 5-year ARM for the other 80%. Stupid, yes, but we had a very different mindset back then. After 5 years, we refinanced to get rid of the high-interest loan and get into a 30-yr fixed mortgage. We've been paying on that for 3 years, and we've been consistently adding extra principal for the past year and a half.

With the drop in interest rate, I'll be able to add even more to our extra principal, with less going to interest, and there's finally a light at the end of the tunnel! I don't know if we'll stay here another 14 years, but if we do, I'll be thrilled to own this house. And if we don't, whatever I buy next will be paid for with cash, no mortgage. I can't wait until I actually own my own home!