Happiness Is Locking In A Low Rate With The Man Of Your Dreams

It’s true. I am a sucker for a guy who talks refi with me.

Actually, I usually bring up the subject. It’s part of our division of labor, I guess. Doug’s activities are weighted a bit more heavily on the income side, and mine tend to concentrate around how to divvy up the income and, always, how to continue finding and implementing the most effective cost-cutting measures. Between the two of us, we get the job done, and isn’t that what marriage is all about?

We built this house nearly 15 years ago, and at the time we took out a 30-year loan. These days, with Doug being nearly 57 years old and with me being the age that I am (Ha!), I would not be comfortable taking out a 30-year loan, or even a 15-year loan.

In fact, I remember my father, gone lo these 25 years, talking about a friend of the family who, at age 65, took out a 30-year mortgage.

“He’s retiring next year!” Dad said. “You’re supposed to have burned your mortgage years before you retire.”

My dad wasn’t just blowing smoke. He and Mom purchased their third and final home when I was six years old. By the time I, their oldest child, graduated from high school, they had paid off the house. They’d taken out a 20-year loan, and in 11 years, that puppy was history.

I’ll admit I’ve never gotten in the habit of making extra payments to my principal. But we have refinanced several times since our first mortgage on this house, which was at 8.25%. And each time, we’ve decreased the term of the loan as well as the rate.

When we closed on this refi last week, we signed paperwork for a 10-year loan at 4.625%. We had 11 years left on our previous 15-year loan, which was at 5.875%. That doesn’t sound like it would change our financial picture too much, but it really does.

If we were to take 10 full years to pay off this house (which we won’t, because the remaining mortgage is so small…), not only would we have one full year at the end without payments, but we would have saved nearly $50,000 besides! Yes, our house payment just went down a cool $400 per month.

I’m a believer in cutting small expenses where it makes sense, but sometimes those big ones can be trimmed without too terribly much effort and the return on your investment of a few hours time can be tremendous.

One day in the not-too-distant future, I plan to host an Old-Fashioned Mortgage Burning Party with the man of my dreams.

Call me my father’s daughter, but I can’t imagine anything better.

Posted by Katy on 06/25/09 at 10:54 AM

Fallible Comments...

You are my hero! We're in the middle of refi as well, which is good because when we bought this house 3 years ago we hadn't sold our other one, so we opted for the 30 year. I'll be happy to move down to 15!
Posted by D'Ann Mateer on 06/26/09 at 04:20 PM
D'Ann--I am rarely anyone's hero, so you have given me tremendous joy. :)

Just so you know, you and your hubby are in the minority. The girl who closed our refi told us that only ONE % of all who refi SHORTEN THEIR TERM. Most go all the way back out to 30 (or more) years, and most of those cash out. All I have to say about that is: STOP THE INSANITY!!! :) Big congrats to you for getting on the 15-year track. You will be shocked at how much your principal will be reduced every month, compared to the lack-of-progress with the 30-year!
Posted by Katy on 06/26/09 at 04:33 PM
Great minds think alike! I just did the same re-fi...went from 5.8%, 30-yr fixed, to a 4.65%, 15-yr fixed. Tiny increase in monthly payments, but knocked off a boatload of interest!
Posted by Lynn on 07/03/09 at 02:14 PM
Yes, I would say that you, and hubby and I, are in the minority. We built our home in OK, lots of blood and sweat and paying as we went along. By the time we moved in, we had a small mortgage to finish, paid in five years. We lived mortgage free for years. Ah, but now we are moving closer to son, our final home, we hope. We mortgaged the paid home to buy this one! Feels very strange, but when we sell the OK, we will again be mortgage free. We generally only buy what we can pay for. Praise God for His blessings.
Posted by Curtiss Ann Matlock on 07/03/09 at 07:18 PM
I have never gotten in the habit of making extra payments to my principle.
Posted by Chennai Social Media Optimization company on 07/28/09 at 10:41 AM
I too share the experience of refinancing our mortgage for an excellent rate. It gives me confidence and security, especially in these hard economic times, to know that we made the right choice. I will recommend your article to all!
Posted by Happiness and Home Mortgage Refinancing on 07/28/09 at 07:52 PM
made my day
seems to be a great thinking
Posted by jammer on 08/27/09 at 06:36 PM
I will read your article.It gives me confidence and security, especially in these hard economic times, to know that we made the right choice.
Posted by Invest in Oil and Gas on 11/30/09 at 05:36 AM
I suggest you Just start talking to people. Call your bank and see what they have. Call the company that set up your mortgage originally. Call you real estate agent and see if they have any referrals for you.
Posted by altersvorsorge tipps on 12/02/09 at 11:58 AM
I plan to host an Old Fashioned Mortgage Burning Party with the man of my dreams.
Posted by sofortkredite online on 12/02/09 at 12:56 PM
Happiness, is something that you just need to understand sometimes coz, there are many ways of happiness! About happiness on finding your perfect match, i wish luck to everybody here!
Posted by Prepaid on 02/18/10 at 06:44 PM
I love the story.. It gives me confidence and security, especially in these hard economic times, to know that we made the right choice.
Posted by ilan ver on 04/12/10 at 05:17 PM
Your financial stability also determines your life insurance quotes Ontario. In case you have been declared bankrupt recently, your quotes will be placed higher than those of a person who have been in financial crisis; either recently and in the past
Posted by Life Insurance Quotes Ontario on 06/20/11 at 12:32 AM
In today's fast paced developed society there is only room for skilled professional workers. The bachelor degree program studies the same courses as in the associate degree program but on an advanced level. Students are also introduced towards general education studies and can also progress in a separate sub-fields such as nutrition, psychology as well.
Posted by Master chef on 07/01/11 at 09:13 AM
In college I read either a short story or a poem that was about a man who had to be locked away in a dungeon in order to bring happiness to the town. It was a yin-yang type theme. Any ideas are greatly appreciated.
Posted by business reputation management on 07/02/11 at 04:24 AM
People usually go to an astrologer to know the reason for their unsolved problems and worries. The astrologer will tell some slogans and tell to do some remedies like visiting temples etc. As the time passes, some of the problems will automatically be solved and believer will think that, it is because of God's grace.
On the other hand, when a believer is happy and there is no problem to solve, why he is not thinking about God's grace and go to an astrologer to find the reason for his happiness?
Posted by iPhone on 11/01/11 at 03:55 AM

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Personal blog of christian writer & fallible mom Katy McKenna Raymond in Kansas City, Missouri Katy is represented by Greg Johnson at WordServe Literary Read more Katy at LateBoomer.net Follow Katy on Twitter Follow Katy on Facebook 123 Recent Posts Try Becoming Brenda Starr Off Beat Scattered That’s It So I’ve Finally Signed With An Agent. Now What? The Spoon Sciatica Sweetheart A Woman’s Train of Thought Has No Caboose However much we own, we are all still living on borrowed time After all, when restaurants shrink portions, they don’t shrink prices. As with everything in life, balance is key. Slow down, you move too fast… Yeah, I know. I have issues. Search Advanced Search Syndicate Login E me at katy @ ngenius.com	Happiness Is Locking In A Low Rate With The Man Of Your Dreams It’s true. I am a sucker for a guy who talks refi with me. Actually, I usually bring up the subject. It’s part of our division of labor, I guess. Doug’s activities are weighted a bit more heavily on the income side, and mine tend to concentrate around how to divvy up the income and, always, how to continue finding and implementing the most effective cost-cutting measures. Between the two of us, we get the job done, and isn’t that what marriage is all about? We built this house nearly 15 years ago, and at the time we took out a 30-year loan. These days, with Doug being nearly 57 years old and with me being the age that I am (Ha!), I would not be comfortable taking out a 30-year loan, or even a 15-year loan. In fact, I remember my father, gone lo these 25 years, talking about a friend of the family who, at age 65, took out a 30-year mortgage. “He’s retiring next year!” Dad said. “You’re supposed to have burned your mortgage years before you retire.” My dad wasn’t just blowing smoke. He and Mom purchased their third and final home when I was six years old. By the time I, their oldest child, graduated from high school, they had paid off the house. They’d taken out a 20-year loan, and in 11 years, that puppy was history. I’ll admit I’ve never gotten in the habit of making extra payments to my principal. But we have refinanced several times since our first mortgage on this house, which was at 8.25%. And each time, we’ve decreased the term of the loan as well as the rate. When we closed on this refi last week, we signed paperwork for a 10-year loan at 4.625%. We had 11 years left on our previous 15-year loan, which was at 5.875%. That doesn’t sound like it would change our financial picture too much, but it really does. If we were to take 10 full years to pay off this house (which we won’t, because the remaining mortgage is so small…), not only would we have one full year at the end without payments, but we would have saved nearly $50,000 besides! Yes, our house payment just went down a cool $400 per month. I’m a believer in cutting small expenses where it makes sense, but sometimes those big ones can be trimmed without too terribly much effort and the return on your investment of a few hours time can be tremendous. One day in the not-too-distant future, I plan to host an Old-Fashioned Mortgage Burning Party with the man of my dreams. Call me my father’s daughter, but I can’t imagine anything better. Posted by Katy on 06/25/09 at 10:54 AM Fallible Comments... You are my hero! We're in the middle of refi as well, which is good because when we bought this house 3 years ago we hadn't sold our other one, so we opted for the 30 year. I'll be happy to move down to 15! Posted by D'Ann Mateer on 06/26/09 at 04:20 PM D'Ann--I am rarely anyone's hero, so you have given me tremendous joy. :) Just so you know, you and your hubby are in the minority. The girl who closed our refi told us that only ONE % of all who refi SHORTEN THEIR TERM. Most go all the way back out to 30 (or more) years, and most of those cash out. All I have to say about that is: STOP THE INSANITY!!! :) Big congrats to you for getting on the 15-year track. You will be shocked at how much your principal will be reduced every month, compared to the lack-of-progress with the 30-year! Posted by Katy on 06/26/09 at 04:33 PM Great minds think alike! I just did the same re-fi...went from 5.8%, 30-yr fixed, to a 4.65%, 15-yr fixed. Tiny increase in monthly payments, but knocked off a boatload of interest! Posted by Lynn on 07/03/09 at 02:14 PM Yes, I would say that you, and hubby and I, are in the minority. We built our home in OK, lots of blood and sweat and paying as we went along. By the time we moved in, we had a small mortgage to finish, paid in five years. We lived mortgage free for years. Ah, but now we are moving closer to son, our final home, we hope. We mortgaged the paid home to buy this one! Feels very strange, but when we sell the OK, we will again be mortgage free. We generally only buy what we can pay for. Praise God for His blessings. Posted by Curtiss Ann Matlock on 07/03/09 at 07:18 PM I have never gotten in the habit of making extra payments to my principle. Posted by Chennai Social Media Optimization company on 07/28/09 at 10:41 AM I too share the experience of refinancing our mortgage for an excellent rate. It gives me confidence and security, especially in these hard economic times, to know that we made the right choice. I will recommend your article to all! Posted by Happiness and Home Mortgage Refinancing on 07/28/09 at 07:52 PM made my day seems to be a great thinking Posted by jammer on 08/27/09 at 06:36 PM I will read your article.It gives me confidence and security, especially in these hard economic times, to know that we made the right choice. Posted by Invest in Oil and Gas on 11/30/09 at 05:36 AM I suggest you Just start talking to people. Call your bank and see what they have. Call the company that set up your mortgage originally. Call you real estate agent and see if they have any referrals for you. Posted by altersvorsorge tipps on 12/02/09 at 11:58 AM I plan to host an Old Fashioned Mortgage Burning Party with the man of my dreams. Posted by sofortkredite online on 12/02/09 at 12:56 PM Happiness, is something that you just need to understand sometimes coz, there are many ways of happiness! About happiness on finding your perfect match, i wish luck to everybody here! Posted by Prepaid on 02/18/10 at 06:44 PM I love the story.. It gives me confidence and security, especially in these hard economic times, to know that we made the right choice. Posted by ilan ver on 04/12/10 at 05:17 PM Your financial stability also determines your life insurance quotes Ontario. In case you have been declared bankrupt recently, your quotes will be placed higher than those of a person who have been in financial crisis; either recently and in the past Posted by Life Insurance Quotes Ontario on 06/20/11 at 12:32 AM In today's fast paced developed society there is only room for skilled professional workers. The bachelor degree program studies the same courses as in the associate degree program but on an advanced level. Students are also introduced towards general education studies and can also progress in a separate sub-fields such as nutrition, psychology as well. Posted by Master chef on 07/01/11 at 09:13 AM In college I read either a short story or a poem that was about a man who had to be locked away in a dungeon in order to bring happiness to the town. It was a yin-yang type theme. Any ideas are greatly appreciated. Posted by business reputation management on 07/02/11 at 04:24 AM People usually go to an astrologer to know the reason for their unsolved problems and worries. The astrologer will tell some slogans and tell to do some remedies like visiting temples etc. As the time passes, some of the problems will automatically be solved and believer will think that, it is because of God's grace. On the other hand, when a believer is happy and there is no problem to solve, why he is not thinking about God's grace and go to an astrologer to find the reason for his happiness? Posted by iPhone on 11/01/11 at 03:55 AM Page 1 of 1 pages Commenting is not available in this weblog entry. Next entry: Why I'm Always Glad To Have Written Previous entry: Hail, Hail, The Dang's All Here! << Back to main


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Happiness Is Locking In A Low Rate With The Man Of Your Dreams

Personal blog of christian
writer & fallible mom
Katy McKenna Raymond
in Kansas City, Missouri