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Home > Home Appraisal = GOOD NEWS!

Home Appraisal = GOOD NEWS!

September 9th, 2010 at 11:09 pm

Our home appraisal for our refinance came in today. Our house went up in value $15K! WHOOOOHOOOO! This is good news on numerous levels. $15K in just 3 years since we bought it! I am surprised and happy. The only thing we have renovated on the house is the second bathroom. Which we only spent $800 on that. Soooooo, the increase in our home value means that we are D O N E paying PMI on our mortgage! YEAH! We were paying about $70 a month for the PMI, so now we can redirect that full amount to principle on the mortgage. Now we just have to wait for the paper work to be all prepared, will be all done soon I hope!

4 Responses to “Home Appraisal = GOOD NEWS!”

  1. creditcardfree Says:

    Very nice!! And good plan for adding the PMI amount to your payment.

  2. Homebody Says:

    That is great news! We refined last month and our appraisal came in $7,000 over the last appraisal 4 years ago. I sort of expected it to be lower with the way houses have dropped in value, so I was pleasantly surprised.

  3. HouseHopeful Says:

    That's awesome!

  4. Jerry Says:

    Great idea to redirect the old insurance payment straight into the principal each month, you are doing great! What terrific news about the increase in value, that has to lead to a (frugal) celebration of some sort... =)

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