Wednesday, November 25, 2009

Make Waste, Not Haste

Well, in addition to playing a crappy game of basketball today (what the $@*& happened to my confidence?), and having a frustrating day at work, I found out that we wasted $365 yesterday. That was the cost of an appraiser, in the interest of pursuing refinancing our house.

I knew our home has lost value (as everyone's has), but our circumstances (good credit rating, current mortgage is with a Freddie Mac affiliated bank) qualified us for a %125 loan-to-value refinance.

Since interest rates are low it would have not only saved us money on our monthly payments, but also in overall interest paid, and we would pay off our loan at around the same amount time as our current one, by paying just half of the $200 monthly savings back into the loan.

Zillow and another similar web site estimated us at only %107 loan-to-value, and the mortgage broker thought we could even skip the appraisal. He ended up being wrong though, and unfortunately the appraiser estimated the L-to-V at approximately 133% - screwed!

No comments:

counter stats