Home refinance

**pammy** · 06-19-2006, 11:45 AM

Phew, just had the appraiser lady leave a bit ago. That's nerve wracking for me, for no reason, lol. Hey, she either says it's worth 'x' or she doesn't.

Anyway, hoping it all goes through okay. We're hopefully getting out of the ARM soon. This one will be a fixed 30 year (but will paid off way before 30) at 6.75%. Our ARM was at 9.5% with a cap of 11%, yikes!!

Surely, surely, it is going to be okay. We're refi'ing 70k, and are saying we could get probably 140k out of it. What we were told that as long as it's 85% value that we're borrowing, all we'd really have to have it appraised for is about 83k. Oh yeah, I think we at least got that.

See, I done talked myself out of getting all worked up over nothing.

**Darlene** · 06-19-2006, 01:14 PM

Good luck with getting that much better rate.

Lol about talking yourself down from the roof.

**Daisygirl** · 06-19-2006, 01:24 PM

This really rings true for me today -- my appraiser is coming tonight after work! My fingers are crossed for both of us!

**MOMMYDEAREST** · 06-19-2006, 01:42 PM

good luck....... it will all work out fine~~~

**banana** · 06-19-2006, 03:14 PM

Lots of luck to you both!

**PrairieRose** · 06-19-2006, 04:21 PM

Fingers crossed that you'll get it appraised for what you need. Good luck with the new rate.

**pammy** · 06-23-2006, 09:20 AM

Well we finally got an answer back from the appraisers. They appraised at 120k, which I said sounded pretty low. The guy said the appraisal is usually lower than what someone can sell the home for, thanks to down payments and such.

So all is good there. Since we're only refi'ing 70k it is only 58% of the value of what the appraisal amount is at. The guy said that was way good.

Now it's just time for the waiting and paperwork game. Yay, so long ARM!!

**Mom23boys** · 06-23-2006, 01:37 PM

Now it's just time for the waiting and paperwork game. Yay, so long ARM!!

YEAH!! I am glad you will be getting rid of the ARM! That will be a great savings!

I hope all the paperwork goes through quickly.

**Daisygirl** · 06-23-2006, 10:52 PM

Pammy - I got good news to -- so with you on this one. Mine came in at $118K, so it was a bit higher than what I needed. Just waiting for all the paperwork to go through then I can pay off all my high interest debts FINALLY> Everything will be one manageable payment and I can get back on my feet.

Congratulations -- I am sure you are as relieved as I am!

**pammy** · 06-24-2006, 08:33 AM

Well, alright!! Sounds like we both can be doing the happy dance!

**banana** · 06-24-2006, 10:06 AM

I am happy for the both of you!

**couponchic** · 06-24-2006, 01:15 PM

I bet you can't wait to see that lower payment. Sounds like you'll have a bit of savings in dropping the interest rate!

**Daisygirl** · 07-02-2006, 07:26 AM

Woohoo -- the money is coming in on Thursday this week! Thank you, God, for looking afte me.

Not quite the amount I hoped for but the reduction in payments will allow me to pay off the rest of the debts by summers end. After that, my rough budget leaves nearly $1000 a month for flexible expenses like groceries, clothing, gasoline,and finally SAVINGS!!!!!