Hear ye, hear ye, Money Saving Lords and Ladies! It’s Freedom Friday where I bi-weekly share our progress in becoming completely debt free. It’s also your turn to share your story of debt slaying. Whether you’ve paid off every cent you owe, are just getting started, or live somewhere in the in between, we want to hear from you! We’re better together, share your story and make us all stronger.
It’s hard to believe it’s Friday again . . . and since I don’t have a guest post to share with you today, you get to hear from me again. And while there’s really not a whole of new news since last week (we made one small payment toward defeating the Evil Sallie Mae in the time since we last spoke), I thought I’d share about a financial decision we’re thinking through right now.
We’re seriously considering refinancing home right now. It scares me a little because I know it will translate to around $80 more/month which means we’ll both be reorganizing things and tightening down a bit more. Plus we’ll be responsible for managing taxes and insurance on our own instead of the mortgage company. But listen to this . . . it will result in a savings of $48,000 and we’ll have our house paid off in 15 years as opposed to 23 years. Plus the closing costs are fairly minimal and it’s at a financial institution where we’ll be able to see someone’s eyeballs if something goes wrong (which is not an option with our current lender). In the end, it means we could be completely debt free making the minimum mortgage payments before 50 and before the Youngest Princess leaves the house. My guess is that we’d actually done well before then since we’ll be out of all other debt (Lordwilling) in 2 years.
Still, making financial decisions like these (or dealing with insurance companies) always makes me a nervous wreck. I’m afraid of doing something wrong or missing an important detail. Luckily, the King of Free is an attorney (see above large mound of Student Loan debt) and knows how to read such things.
What about you? Does reading financial documents make you go cross-eyed?
