Week 77: Re-Fi #2

Monday, 8 January 2018

Last year – well, December 2016 – we wanted to refinance our house.  We had a 15% equity in our home at the point.  Now we have about 22-23% equity.  We decided to try to refinance again a few days ago.  With interest rates going up, increased equity, increased valuation of our home, and a tight available housing market, it looks favorable.  While we have yet to recover fully the valuation of our own home from the market crash in 2008, our neighbors, who bought at the low of the market, have seen nearly a 50% increase in their own home valuation.

It always costs to have a house refinanced, whether in appraisal or closing costs or credit report.  The benefits of being diligent in our debt reduction has resulted in two things . . . first, we could pull money our of our cash funds to start the process, without pain, and second, our credit rating is up 15-20 points.

I personally will be surprised if we do get an approval, but for some reason Mr. 182 is expecting it to go through.



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