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Saturday Update

October 25th, 2008 at 06:11 pm

Yesterday, I had the settlement at the law firm for the mortgage refinance. Everything went well (after about 50 signatures that is !!), and it looks like I will be decreasing my monthly payment about $77/month. In addition the new term will be 15 years instead of 30...so quite a savings in interest. So my first payment is due December 1. I think I may make a payment to principal only on the mortgage in November and maybe plan to do that once a year. Then I plan to add the $77 new found money to the principal on the car loan each month.

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I got sent home from my Saturday job due to a power outage in the area because of thunderstorms, heavy rain, wind, etc. I've only worked there since July so I'm not sure if we will get paid for today since it was beyond our control or not. I am actually surprised that the office doesn't have a backup generator.

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On the way home from work, I stopped at Kohl's to return a couple of items. I had a Kohl's cash coupon to use for $10. I bought 2 pairs of sterling silver earrings that were regularly $35, on sale for $10.49 (sign said 65% off). So using the Kohl's cash, I paid 52 cents including tax for 2 nice sets of earrings.

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I got a refund check in the mail for $3.59 so I will add that to next week's deposit to the CC savings account.

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Now I want to do laundry and perhaps make some soup. Then I will just relax with a cup of green tea and read or watch TV...it's a good day for that since it is so dreary and damp outside.


Have a nice weekend!

Adding to the CC Savings

October 24th, 2008 at 01:42 am

I sold an item on Ebay this week for $12.99. I have another couple of items on there that the auction will end in a couple of days with some watches on both of those items, so I'm hoping they sell.

On an online refunding site I traded some coupons with someone who pays a percentage of the face value on coupons that she specified she was interested in...so I made $14.02 for that.

Finally, I'm including the $4 for the Imsyt survey that I received in Paypal earlier this week.

So I'm adding $31.01 to the savings account for these items.

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Tomorrow, I have settlement for the refinance on the house. It will be good to see what the monthly mortgage payment will be now since I lowered the interest rate 3.5% from my previous mortgage and am going with a 15 yr. term instead of the 30 yr. The mortgage officer gave me a ballpark figure a few weeks ago, which was less than my current payment!! Smile

Have a great evening!

Finally I'm Refinancing the Mortgage

October 11th, 2008 at 11:23 pm

After 6 years, my divorce is finalized and I am able to move forward with a refinance since I am now listed as sole owner of the property on the deed. It has been a rough ride, but the outcome was worth it. That's not to say that with a little cooperation from the ex...it could have been accomplished many years ago...Oh well!

Anyhow, the rate on the current 30-yr FHA mortgage is 8.5%. I've paid 7 years on that mortgage. A few weeks ago, I met with the mortgage loan officer so that he could do some paperwork and a credit check on me. I was a bit upset to find out that my FICO score was only 719. But all in all, the rating must have been good enough to qualify me for a 5% rate. He told me that I should lock in that rate, just in case rates increase. I'm happy I did because rates haven't been that low since!

For a few years I was wondering if I could handle a 15 yr. mortgage or whether it would make money too tight. So I inquired about reducing the term to 15 years and after doing some calculations, he told me that my money payment would be less than with the 30 yr mortgage! I was so happy because really I will be going from the 22 years that I would have left on the previous mortgage to the new 15 yr. term
saving an additional 7 years, not to mention the interest savings!!
So settlement is scheduled for the end of October.

I will have some extra money each month once this new mortgage kicks in. I have a few ideas for this "found" money by paying towards the principal on the remaining loans I have which include:

Car loan 3.9% ~ $4900. balance
Student loan 3.0% ~ $12,687.43

What would you do? Maybe I should just add it to the principal on the mortgage, but at the same time I would like to pay off my car loan earlier. I don't have any CC debt except for the 0% offers listed in the sidebar.

Thanks in advance for any suggestions and have a great evening!!