Well, we're refi'ing

[lillyb]

Will be refinancing in the near future, within the month. Was able to get a 2.75% reduction from where the ARM is now. And it is fixed. Went for the 30 year fixed for now. The smaller payment right now will allow me to get the little debt paid off sooner, the emergency fund saved sooner, and allow me to apply more to principle come the beginning of next year when we start snowballing the mortgage. Will save enough to cover the expense of refi'ing in interest, plus will lock in the rate. It could have went up to 11%, even more savings in interest there. I can live with 6.75%, way better than the 9.5% it was at.

[Broken Arrow]

Re: Well, we're refi'ing

Congrats.

[jmjj215]

Re: Well, we're refi'ing

That sounds like a sweet deal - way to be on top of your game!

[boefixepa]

Re: Well, we're refi'ing

Sounds good to me!

[wwjdmsl]

Re: Well, we're refi'ing

yep...good move

[Ima saver]

Re: Well, we're refi'ing

I have always been leery of ARM's. I think you made a wise decision.

[DebtManWalking]

Re: Well, we're refi'ing

Take advantage of the good rates and increased equity in real estate, now is a darn good time to do it...

Congrats!

Thanks!

[Tree0164]

Re: Well, we're refi'ing

Great news! I think a fixed rate is better than an ARM anyday

[mbhunter]

Re: Well, we're refi'ing

Great judgement lillyb. I suspect you'll be in much better shape compared with others who still have their ARMs a few years from now.