Today we signed the documents to pay off our previous mortgage and refinance our home. For the longest time, we were unable to refinance due to the drop in the value of our house. We bought in the early summer of 2007. The housing market began to decline soon after we purchased our home and continues to deteriorate.
With a record low in interest rates, we were able to refinance from 6% to 3.75%. In thirty years we will have saved thousands of dollars. In the short-term, God continues to provide for our family by lowering our monthly mortgage payment.
We actually enjoyed the process much more the second time. With much more knowledge and life experience, we were able to make wiser financial decisions. I still don’t understand everything about buying a house…but I am much better at signing my name on the dotted line.