CraZy Good News

iVillage Member
Registered: 07-24-2001
CraZy Good News
6
Mon, 02-13-2012 - 2:57pm

I feel

iVillage Member
Registered: 11-14-2008
Mon, 02-13-2012 - 3:05pm
Wow, what a turn around! And you have learned so much and the tools for good financial health. Don't feel guilty!
iVillage Member
Registered: 12-31-2010
Mon, 02-13-2012 - 3:23pm
Wow, great news.

As far as rolling that amount into a new home loan - I would really look into that. It will cost you up front to do the refinance and since you are selling your home, it is not like you are going to amortize that refinance cost back over a long time. If you don't pay up front, you will be adding more to the balance of your home loan and you will have to repay that when you sell as well- both items mean less dollars post sale for you, and in some cases, less negotiating power with a lender.
We have a 5.75 loan and though people have said we should refinance, when we look at staying less than 5 years here, it does not make sense to pay the refinance costs.

Just run through all the numbers, and congrats on the bonus!!

-Marie
#Marie
Avatar for mahopac
iVillage Member
Registered: 07-24-1997
Mon, 02-13-2012 - 5:29pm

I agree.

iVillage Member
Registered: 10-01-2008
Tue, 02-14-2012 - 1:34pm

Hey!

Norma


"Patience is the best remedy for every trouble"- Plautus


Community Leader
Registered: 08-25-2006
Thu, 02-16-2012 - 5:07pm
How exciting!

I didn't think refinancing was allowed while a house was on the market? I really don't know much about all that, except that generally long-term the numbers don't play out.

But....sometimes circumstances are such that short-term circumstance take precidence.

My SO took a huge hit one time that long-term would not make sense, but the short-term urgency made it a wise move. In other words, it was better to refinance and keep the house and then sell, then it was to go into forclosure.

Anyways, no CC debt is HUGE. And I mean HUGE. Unsecured debt for STUFF (as Gayle puts it) is just a killer.

Happy dance for Bumbling and her DH!

Serenity
iVillage Member
Registered: 07-24-2001
Fri, 02-17-2012 - 1:29pm

Thanks for all the replies.

Don't worry about me doing the math regarding refinancing when I'm planning on selling my house. I'm not under any sales contract with anyone so there is no issue with that.