We might be refinancing our house with our tax return. At 3.85%. For a 10 year term. The monthly payment will go up about $300. But, I have been paying at minimum $100 extra a month to the mortgage. And we will pay a lot less in interest. Plus, we will be guaranteed to own the house in 10 years. Of course, we won't be paying my student loan off this year if we do refinance. We are still on the fence, but leaning toward doing it. Especially since we were all "Oh noez! What if we don't qualify?" *panic panic panic* OK maybe its not that bad. We were really concerned about the value of our home. All the houses on our street that are for sale, have been for sale for a LONG time, and we are up to 4 that are just down the block from us. So even though they are listed at 105K+ they might be selling for much less or not selling at all. Plus we looked into refinancing out home equity loan a year ago, and a drive by appraisal said out house was worth only 82K, and we need it to check in at 95K. Which doesn't leave us with warm fuzzy feelings.
We have been so wishy washy about it, that our mortgage company is now saying we won't need an appraisal. WE are gonna get a quick and dirty loan. They have a more technical term, but really it means we show that Daniel has a job, and that we make as much as we do, then wham bam, thank you Ma'am. We have a new mortgage loan.
The down side. My student loan will not get paid off this year. And the interest rate on that is higher than our mortgage rate is currently. I find it a thorn in my side, Daniel thinks I am obsessive. I hear the phone, so that's probably him.