Just saw a headline that read: “Rate on 30-year mortgage drops to record 3.89 pct.”
My husband bought our town home about 6 years ago during the top of the housing bubble. So while it’s value from that point has gone down, we are current on our mortgage, the house is not underwater, nor are we needing to sell it any time soon. Hopefully, we’ll be able to just ride out the housing bust and prices will start going back up before we sell. So for right now, we are in the process of a refi, trying to take advantage of historically low interest rates.
The goal is to lower our monthly payment – and while on Baby Step 2 –> use the new savings to go toward other debt. Helping along our goal of being Debt Free (except for the mortgage) by the end of 2012.
We are very thankful that we are in a great position to do this. Since we started the process a while back, I’m sure we aren’t getting the low rate I saw in headline, but we are getting an amazing rate since they’ve been so low many months now.
Being in this situation makes me very thankful for having a wise and financially astute husband. When we married – I would joke about marrying into homeowner-ship. Thing is, it really wasn’t a joke. It was a bonus that came along with my terrific guy. Still a bit baffled at how blessed I am.