Friday, September 07, 2007

Mortgages and Refinancing

We're pretty lucky not to have a lot of debt now, something we could not have done if we hadn't gotten some money when Jeffrey's grandpa died. We were working on it, but it would have taken a long time. A couple of times we did a Mortgage refinance so that we could get a lower interest rate. We just hit the interest rates at the right time - when they were going down, and have a pretty good rate right now. From what I hear about the real estate market and interest rates now, it's not so good. I would probably be running out and finding the best fixed rate possible and locking it in now, if we hadn't done it already.

We've also gotten a couple of Home Equity Loans in the past - once to pay for having our driveway done, and another one when we bought Jeffrey's car. The first one we rolled into the 1st mortgage one of the times we refinanced, and the second one we just paid off last year when we got the money. I don't foresee getting another loan any time soon, unless we decide it's the best option to pay for Cory's college education - if he doesn't get some amazing scholarship like we've been telling him he needs.