Ever wondered where the refinance $ went

iVillage Member
Registered: 07-11-2001
Ever wondered where the refinance $ went
3
Tue, 11-29-2005 - 2:17pm

I refinanced my condo back in May to a 30-yr fixed rate. With that money I:

Paid off my first and second mortgage (2nd mort = bought car w/ money and paid off CCs)

Paid off CCs (for a 2nd time this year!) Closed one CC permanently

Did some home improvements (painted, new carpet, new windows, storm door, new vanities)

Put in an expensive new tooth!

Helped a friend (they are paying me back $50 a month!)

Paid car insurance for 6 months

I still have nearly $700 in the bank, and am owed $385 from loan I gave.

Not including first and second mortgage that's around $19,000 I can account for spending.

I know there were a couple of trips to Target and a couple of home improvement/soft furnishing items (not a lot) I bought but where did $4,000 of my money go.

$4,000 I can't account for completely.

I wish I could show new appliances for the kitchen with that money. I thought I carefully budgeted everything - I guess I didn't.

Anyone else ever wonder where their refinance $$$$$ went?

To make matters worse one of my CCs now has a balance over $3000 - smart heh!

Beach

iVillage Member
Registered: 12-12-2004
Tue, 11-29-2005 - 3:40pm
Hi, Beach. Yea, DH and I did the refi thing a few times. Where did the $$ go? Certainly not to home improvement, new couches, etc. We did get a new roof, but kitchen, not yet. DH still has the bulk of the $$$ in his checking account from the first refi (ARM), then when we got a fixed rate, that $10K or so is going to go toward paying off the one car payment. Unfortunately, most of it was spent on back taxes and IRS stuff (way back when),and huge medical bills. Sooo-DH is watching the money like a hawk. Whiz.
iVillage Member
Registered: 12-05-2004
Tue, 11-29-2005 - 8:24pm


We were concerned with this when we did our refi in October. We wanted to refinance our first mortgage, and take a cash-out to pay off our 2nd. In our case, we arranged with our new mortgage company to not let us lay our hands on the cash-out funds. In fact, we had to sign a paper at closing stating that we understood that we would never see that money, and that the 2nd mortgage account would be paid off completely, and closed....never to be accessed by us again.

Do you think any of the money went to holiday gifts? Thanksgiving preparations? Maybe wintertime clothing needs? Do you use a debit card to make purchases? Maybe you could check your records to see where the money went. ATM withdrawls?

I wish you lots of luck in solving the mystery.

Pat :-D

iVillage Member
Registered: 07-11-2001
Wed, 11-30-2005 - 9:46am

I printed out a copy of my account since May of this year. I can see where I bought items from Lowe's for the condo. I bought some clothes. I had a number of trips to Target. I bought some gifts. I use my account card as credit, so I can pretty much see all of my purchases. I keep thinking I should sit down and calculate what was spent where, but I can see it just looking.

I just feel I frittered some of my money away. I really wanted to make sure I spent every penny so carefully, and I look around my condo and I feel I barely had anything fixed - when in reality I had a lot more done than I think. My BF says I will just never be happy - hah hah! I thought I was getting a good price with the painters, and they turned out to be the worst decision ever. I feel that I was really let down by them. They did such an awful job of painting. I feel that I trusted someone and they just didn't deliver. I need to get over it and chalk it up to a lesson learnt, but I work so hard for my money and it just eats me up to think of the other bills I could have paid off.

I vent this here, since my BF is over hearing about it. I just don't feel I have a lot that is tangible, and the work still needs to be finished. I have no interest in doing the home improvements in the evenings. I used to think I was okay with home improvements, but I am learning I am not as good as I think!