Wednesday, June 9, 2021
We have debated until we were blue about refinancing KNOWING our goal is to have the house paid off in 3 yrs (no more than 8).
We talked to both our finance guys and two bankers and our mortgage guy. All felt with the interest rate at half our currant rate, that we should for the following reasons.... FHA keeps the PMI (mortgage ins.) on until the loan is paid off instead of the 22 % like other loans. That is $2000 plus a year. IF something were to happen and we couldn't pay off the loan... we would be better off with a lower rate and lower payment. Since it is a home loan topped with a construction loan changing it to a home loan only will help if we ever had to borrow against it. We have equity but not 20% unless the appraisal comes in higher than what it was 2 yrs and 9 months ago.
Which means the appraisal would have to come in at no lower than $325,000. I don't think it's raised that much but we will see.
We refinanced through the same company that is holding the mortgage now. Closing costs were cut in half, interest was the best also and the escrow acct is transferred to the new loan immediately so we don't have to come up with the ins payment and taxes that are due in July when the loan will go through like we would have if we went some where else and then wait for that acct to refund to us.
The house was sold as a 2 bedroom. If I get it done this week it should list at least as a 4 bedroom if not 5.
The mortgage will drop $500/ month. I already know the ins will raise $50/ month and the takes will $100/month. So that "extra" $350 can go on the principal each month.
Back to work.
What we have been doing...
We met with Hubby's Finance guy. We told him what our goals are and he is making sure our finances stay focused on helping us reach them. Mortgage and truck paid off in 3 yrs,
Hubby finished filling the last of the garden beds. I started planting them. One of the sides came off on the end as the board warped with the rain and 80 plus weather we got so he fixed it with metal bracing. Said the soil never moved when he took the board off and turned the warp towards the soil.
He moved gravel to where he parks the livestock trailer and truck. He still has 1 pile to more before the cement get delivered end of this month or beginning of next. Start date for J to start on the basement ramp is the 26th or July 3rd.
He helped harvest strawberries twice.
He trimmed and mowed twice. Just loves the new mower as it definitely has cut the time of trimming down and takes less time to mow.
He worked hauling 5 days. Turned down work this week so he could go to his finance guy.
I started planting late summer/early fall crops. Made plans to cover some of garden beds if we don't get the lean to green house put up late summer.
I harvested and froze snow peas, spinach and garlic scapes
I dehydrated 3 rounds of strawberries. Freezer room smells like strawberries
I canned 7 qrts and 3 pints strawberry pie filling, 6 pints of strawberries (won't do any more of that as the berries are now pink) and 14 pints of strawberry freezer jam. I have more strawberries... definitely a couple different desserts and more dehydrated. More jam .
I need harvest lettuce, spinach, 2 kinds of turnips, garlic scapes, green onions, snow peas, braising brassicas and more strawberries. I really hope the strawberries slow up before the blackberries are ripe. Beans are up about 6 inches. We get any sunshine with this daily rain and they will be up the trellis.
I need to dehydrate strawberries. We don't care for frozen strawberries. Dried get used in cereal, oats, and snacks.
I need to can the turnips.
I need to freeze snow peas
I need to finish the refinance papers on line.
Then I need to declutter and move things around boxes of stuff got put in the rooms what were to be bedrooms. This area most houses have 3- 6 bedrooms. I have 2 bedrooms finished. To make the house appraise higher a big thank you to the realtors that is friends with Son 2 told me what to do to raise the appraisal for a refinance instead of a sale. I got a lot of "work" to do and get done in 1 week as the appraisal should be the beginning of next week. Daughter 4 is coming up and giving me some time after her PT today. Said she is practicing going back to work... get the dogs used to her not being there, her actually doing more than just sitting in a car delivering Door Dash (which is not earning much) and thinking about her surgery the 24th.
I did decide to get me the new mattress and box spring... the old one can go on the spare bed. I found 2 bed frames that we really liked (only been looking for 2 years) . They might not get here in time but at least I have the pictures of what I ordered LOL.
I found while working at decluttering the front bay of the barn, sections of the old closet we removed for the laundry room, doors that had been on the linen closet (thinking room screen?) decorative rod holders. The curtain Son2 used at basic for a door to his room, entertainment center to convert to wardrobe, and an old dresser that we can have H and M redo. I am not finish decluttering the front bay of the barn BUT I am half way. I plan to give it an hour every day at the end of the day because I definitely need to shower immediately afterwards.
I am thinking.... there is enough closet sections left to use for at least 2 of the bedrooms (no built in closets in this house ever). Plus the entertainment center can be converted to wardrobe. I will need some wheeled under bed drawers for a couple of the rooms. Might have enough scrap wood to make drawers and just buy the wheels... lots of thoughts there.
I need to move the dry goods storage as we have paneling for the unfinished walls in that area.