Archive for the Mortgage

Should I Refinance my Mortgage?

Last June we refinanced our first and second mortgage (I didn’t follow my own tips for a first time home buyer) and secured a lower mortgage rate.  We signed for a 30 year mortgage in order to keep the payments low.  We wanted to know we can afford the payments so I have flexibility in my career.  You never know, I may want to be a housewife one day and I want to know I have that option!  When we refinanced our mortgage, we went with a loan that didn’t provide an escrow service for us, so we had to do that ourselves.  Not a problem; we actually enjoy saving money ourselves for homeowners insurance and property taxes. Thankfully, the closing costs of refinancing only were $150.  The only drawback?  There is a prepayment penalty on the loan, and the only way I can avoid a prepayment penalty is if we make a large payment on the loan and then wait a day and pay the rest.  I don’t know about you, but I don’t have over $100,000 just sitting […]

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