Wednesday, June 23, 2010

Holding pattern

I have been extremely remiss about posting lately. A major reason why is that I can no longer access any blog sites at work. I have been attempting to email myself posts but I haven't really felt inspired lately. The reason? I feel like we are in a bit of holding pattern.

We are waiting to hear back about a new daycare for Cameron. I think we'll get in but we won't know for another few weeks. Another upcoming event is our big family vacation/family reunion. T-minus 4 weeks and I am super psyched! Work is going well but I have to get a lot done before vacation as we have a big 7/9 deadline. Thinking about what to pack coupled with trying to enjoy the summer has resulted in far fewer blog posts.

Another big event on our horizon is closing our refinance on the house. The closing happens Friday and I am a bit nervous about it. On one hand we are reducing our interest rate by 1.5 points which is awesome. One the other hand we are going down to a 15 year mortgage. Eek! Needless to say this will increase our monthly payments but given the drop in value in our house we need to start building equity or we'll never be able to sell in the future.

Interest rates have been super low and it looks like they will stay that way for quite some time. Anyone else toying with the idea of refinancing? And can anyone else commiserate with buying a house at the peak of the market? And yes, I do count my blessings that we can afford our house and both (knock on wood) have stable employment. It just would have been nice to have timed the market a bit better.


WorkingMom said...

Good luck on the daycare! We're not there yet, but if I get an interview for the job in our town, it means back to full-time work for me and at least half-day daycare for the Baby.

We are thinking of refinancing but keeping it to a 30-year mortgage. We have some money to pay points and may be able to get a super rate, but I just have to get my act together and start the process. I can't commiserate with buying at the top of the market, but I can with losing the equity you had in it at one point. Just keep in mind that it's not equity until you need to borrow against it or sell it, and if you were renting, you wouldn't have any.

Anonymous said...

Hey! I can commiserate... we bought in June 2007, literally right before the mortgage crash. We were thinking of refinancing, so we called our bank and they literally just dropped the rate without having to do a refi. We are still on a 30 yr. note. 15 Yrs is super smart I think...
Good LUCK!