Wednesday, April 25, 2012

Monthly Wrap-Up April 2012

I had wanted to post monthly about our progress toward our goals but posting has been such a challenge while I'm also doing ProjectTwentySix.

There is a lot of good news to report!

With our tax return we were able to pay off our student loan! Now our only remaining debt is mortgage. Yahoo!

We were also able to refinance our home mortgage for a full point lower interest rate! We finished the paperwork for that 2 weeks ago and now have a much lower payment. We are applying that difference right back into our mortgage so we can pay off our small second mortgage quickly.

We initially got a second mortgage when we purchased our house. Jumbo loans have a significantly higher interest rate than standard loans, and back then standard loans were the same across the country. Now the standard loan limits are adjusted based on median home prices in your area, but back them we got two loans to alleviate the burden of the Jumbo Loan interest rates. Most of our loan was financed at the limit for standard loans and we got a great interest rate. The remainder that wasn't covered by our down payment was financed as a second mortgage with a much higher interest rate. We'd love to dump that high interest rate!

We also made progress on our basement bathroom when my brother was able to come help us again, which we are so thankful for!

DH also continues to teach a cartoon illustration class and is loving it - It's also a little extra cash which helps a lot with various projects I want to do around here. DH will appreciate that I said "I" there and not we. Our favorite weekend disagreement is how I make work for him. *sigh*

Overall we're making great progress toward our financial goals. Next up - saving a stockpile of cash for more long-term emergencies.


1 comment:

  1. I didn't realize you only had your mortgage left. That's wonderful!


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