Wednesday, September 30, 2009

AHHHH SO EXCITED!

So, I have done some writing about my financial plans and goals, so I figure I might as well add more as it comes along.

A few months back, I realized that soon, my mortgage interest rate would be adjusting, and I was worried about that. So, I re-read my mortgage documents, looked online for current LIBOR rates, and called around to see what kinds of deals were out there for refinancing. For the most part, no one wanted to touch my loan with a ten foot pole, except for the company who already owned the loan. This made me suspicious. So, I kept researching, and finally decided that I thought my rate would actually drop upon readjusting.

To answer your question if you were wondering, here is a link to the explanation of a LIBOR rate. My mortgage documents state that my loan will adjust to the one year LIBOR plus 2.25% or something to that effect.

Anyway, on a whim, I looked up my loan info online today, and... boy oh boy, my rate is definitely dropping! I am thrilled for more than one reason... of course, I'm happy that my monthly expenses will be dropping, but I'm also pleased that I was able to research the situation and then make a sound decision that ended up being the RIGHT decision!

I am definitely beyond relieved. And of course, the extra money will mean added cushioning for any unanticipated expenses that may come along, although I am truly hoping for NONE of those for a while... that car repair last January was plenty for a long while, as far as I'm concerned!

2 comments:

knittingknirvana said...

Wow Amanda! That's fabulous! How fortunate you are to have an adjustment in the "right" direction!!

Peldyn said...

Woot! I am glad you are having some good financial luck.