I am proud to say that we are re-financing our mortgage at an interest rate 2 % LOWER than our current mortgage interest rate.....not bad. Our payments will be much lower too-but I always pay extra (gotta bring down that principal!) Despite this happy news...Our house appraisal was disappointing -it went down compared to our first appraisal of this house (just 1 1/2 years ago when we moved in) ,BUT we aren't planning on moving any time soon, so we shouldn't be concerned about that so much I guess. It's sad that real estate has depreciated so much in such a short time. I guess many of us have plenty of reasons to be grateful for what we have.
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We originally had a 25 year mortgage, but a few years into that, we refinanced and cut it down to a 15 year mortgage. We did the same thing and paid extra every month. We have had our house paid off for about 8 years now! It was a wonderful feeling to not have to pay a monthly mortgage bill. It's certainly helping now for sure with a college bill!
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