Wednesday, June 12, 2013

Refinance- DONE

Actual Fees: $3,146.35
Paid by us:

  • Appraisal: $435.00
  • Credit Report Fee: $12.00 

Rolled into the loan:

  • Origination Fee: $661.25 (we got $423.75 discount off the original $1,085.00)
  • Flood Check Fee: $17.00
  • Tax Service Fee: $84.00
  • Daily Interest Charges: $208.98
  • Initial Escrow Account deposit (property taxes): $612.12
  • Title Services: $1,035.00
  • Recording Charges: $81.00

New loan starting balance: $113,000.00
Since I made that May mortgage payment the other day we will no longer be needing to pay ANY money at closing. In fact, BOFA will be paying us $747.20 at closing and in 2 weeks we should also receive an additional $489.74 from our current property tax escrow account...

Our new loan is a 20 year fixed rate mortgage at 3.75%. Our Monthly payment (P&I plus Property tax) will be $771.99 a month instead of $802.98. We get to drop 7 years off our mortgage (since we are already 3 years into the original) and save $30.99 a month in the process.


We will also get to skip a June monthly payment because our first loan payment will not be due until August 1st so we will pay that next month in July.... so that's another $802.98 we don't have to spend that we were planning to spend this month!

and SCB should be getting his first paycheck any day too... It's weird having extra money... Looks like we should get pretty set-up with our annual goals this month... especially since i'll have holiday pay and overtime on my next 2 paychecks.... and were puppy sitting for a whole week as well.

1 comment:

  1. Hi SCG, just stumbled onto your blog via another financial blog but what I was really interested in was your relationship with your sister. She sounds like my SIL and may have the same personality disorder -narcissism. Here is a link written by a now-deceased medical journalist which helped me immensely -
    This was such a relief to find that I pass it on when I hear of other people in distress.
    And it's a relief to know we're not crazy and not alone!