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Update on refinance - Appraisal was great!

March 25th, 2012 at 06:20 pm

Our refi papers were supposed to be signed and finished on March 23rd, but when we got back from Vegas we found out that the appraisor had been sick, so our appraisal had been delayed. So now our closing date was moved back to March 29th.
But we did get our appraisal numbers.....our house appraised at $195K! Last time we refinanced it was at $175K, and when we bought our house in 2007 it appraised at $160K. So it went up $35K in less then 5 years! AWESOME! That was some great and surprising news. Smile Now to just wait a few more days to finally get this done. We won't have to make any payment for April and then in May we will start on our new 10 year loan. Smile

2 Responses to “Update on refinance - Appraisal was great!”

  1. snafu Says:

    Awesome that housing values in your community is moving up. Would you consider paying your typical April payment with the sum going directly to principal? Given how amortization tables work, it has potential to significantly reduce the number of remaining payments. It can give your re-fi a giant boost.

  2. Banker Gurl Says:

    Thanks for the comment snafu! Right now our plan is to put that payment right into savings for a new car, as well as any money we get back from the refi. We have $2K set aside specifically for a new car and obviously we don't want to take out a loan for a car. Both of our cars have over 100K miles on them, so we know it is only a matter of time before we will need to replace one or both of them. But we will not get a new or expensive car, so we probably only need about $5K.

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