The Final Countdown for the Refi Blues


(The sunroom at home.)

The year was 2004. It was near the height of the market and I was ready to buy a house. The 1-bedroom condo I had purchased wasn’t making enough of a dent in my financial routine, so I figured the best way to push me to work harder was to buy a house and have a big mortgage payment.

Fast forward a few years when the market dropped. The house was WAY under water, despite putting a healthy 20% down when I purchased it. Still, the mortgage payments were made on time.

Fast forward a couple more years. The home’s value was finally enough to refinance, but the income was not.

Now in 2014, we’ve had a couple healthy years of income behind us and can refinance! We’re so excited to go from 6.375% down to a number in the 4’s! A 15-year loan on top of it too!

The house didn’t appraise at the same amount of when it was purchased but not to worry. We can now pull some cash out to help fix up the house in time for the wedding reception we’re hosting for friends at our house this August.

Life is good!