Getting out of debt appriciation
05-17-2007, 04:24 PM
#22
Senior Member
SL Member
Join Date: Oct 2004
Location: Hanover, PA
Posts: 2,794
Originally Posted by Jenna
I just want to say... because it's sort of OT and I'm very happy about it...
We finally were able (knocks on wood, we're still a property line adjustment away from signing) to refinance our house after 5 years. Long story... nobody would touch us because not only credit but problems with the details of my property.
Anyhow, we were up to about 10% interest on our original loan of $150k. Our house appraised for $240k last month and our new interest rate is 6.5% AND we have all the issues resolved so that future refinances and/or sale of our house will go through easily.
We refinanced at $190k which will give us enough money to pay off a past repo, all bills and our xB (now both will be paid off). Our house payment even goes down. With all that other stuff paid off, we're shaving about $600 a month off our bills.
What is even better is that we're going to move to Wisconsin next year. If we indeed can sell our house at $240k (and with the HUGE boom in growth around here, the house might be worth more), that gives us like 40k (assuming after fees and stuff) to take to Wisconsin for a down payment on a house and houses there are like 1/4 the price they are here. I could almost literally pay 50% of my home cost with that money, lol.
Sorry to ramble. I'm just so happy to get everything back on track and not be forced to feel broke all the time, forking out all that money!
We finally were able (knocks on wood, we're still a property line adjustment away from signing) to refinance our house after 5 years. Long story... nobody would touch us because not only credit but problems with the details of my property.
Anyhow, we were up to about 10% interest on our original loan of $150k. Our house appraised for $240k last month and our new interest rate is 6.5% AND we have all the issues resolved so that future refinances and/or sale of our house will go through easily.
We refinanced at $190k which will give us enough money to pay off a past repo, all bills and our xB (now both will be paid off). Our house payment even goes down. With all that other stuff paid off, we're shaving about $600 a month off our bills.
What is even better is that we're going to move to Wisconsin next year. If we indeed can sell our house at $240k (and with the HUGE boom in growth around here, the house might be worth more), that gives us like 40k (assuming after fees and stuff) to take to Wisconsin for a down payment on a house and houses there are like 1/4 the price they are here. I could almost literally pay 50% of my home cost with that money, lol.
Sorry to ramble. I'm just so happy to get everything back on track and not be forced to feel broke all the time, forking out all that money!
05-17-2007, 04:45 PM
#23
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SL Member
Join Date: Aug 2006
Location: Palatine, Illinois
Posts: 1,285
Yup. Statistics about our financial habits are mind boggling. We spend $1.22 for every $1 we earn because of credit cards. Also because of our spending habits we're in a negative savings rate. First time thats happened since the great depression. Cant save if you dont have money right?
05-17-2007, 06:06 PM
#24
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Club One
SL Member
Join Date: May 2006
Posts: 3,583
Originally Posted by xdorkx
Sheesh, I wish you could get a house HERE for 200k 
a ghetto closet space sized house in calif will cost you a half mill at least, lol
a ghetto closet space sized house in calif will cost you a half mill at least, lolMy recently appraised $240k house is a freaking 1990 manufactured home, lol. I think it's mostly the 1.33 acres that's helping us out. But in the past 5 years, the property went up in value $90k... that's awesome! It's our little reward for putting up with the crapass house, lol.
In Wisconsin though... I can find homes and land comparable with mine here, for only $80k. Not that I'm looking for something similar at all, lol.
I mean, look at this house. Look at the price! I want this house (minus all the wallpaper boarding that seems to be in every home in WI) badly! My possible $40k would be an awesome down payment!
http://www.obeo.com/Public/Viewer/De...enomoniewi.com
05-17-2007, 06:09 PM
#25
Senior Member
Scikotics
SL Member
Join Date: Oct 2005
Location: Orlando, FL (UCF)
Posts: 7,514
wow... 30% is what i should be doing? that's kinda cruddy...
i only have 1 card with a 500 dollar limit and i regularly go up to 3-400 on it. i pay it off completely every month 2 weeks before it's due (gotta love online billpay!)
is that bad?
i only have 1 card with a 500 dollar limit and i regularly go up to 3-400 on it. i pay it off completely every month 2 weeks before it's due (gotta love online billpay!)
is that bad?
05-17-2007, 06:20 PM
#26
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SL Member
Join Date: Aug 2006
Location: Palatine, Illinois
Posts: 1,285
If its payed off completely then you dont have to worry too much. Make sure you pay everything else off on time as well. That Universal Default will jack up your interest rates. Good thing you mentioned about about paying it off 2 weeks early. Thats another thing I forgot. Pay your bills early!!!! Credit card companies love it when you screw up so they try to make things as hard for you as they legally can. When you have a due date for your CC payment, there is often a certain time of day that needs to be payed by. If you dont pay before that time, your late on your payment even though they might have gotten the payment that day. To be completely safe, always pay before your due date, maybe atleast 3 days early just to be safe.
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