Friday, April 17, 2009

Just saved $45,000! Woo-hoo!

Well if you haven't taken advantage of the historically low interest rates for morgages, I highly recommend going to your bank to look at refinancing! I went yesterday and realized that if we refinanced our current 30 yr morgage at 5.87% down to a 15 year morgage at 4.5%...we would save $45,000 in interest payments! It did cost just under $1,000 to do the refinancing, but it was well worth the investment!

Plus, we would only be paying $75 more dollars a month over what we are currently paying on our morgage! Our extreme goal is to get the morgage payed off in 3-4 years, which will save us even more in interest payments! Right now though we are doing our part for the economy and putting on a screened-in back porch before inflation hits in a couple of years.

To God be the glory!


MadMup said...

That's awesome! Way to go!

Anonymous said...

congrats! could you please tell me how you got the refinancing done for such a good rate and low rate?
testera19 @