{"id":7891,"date":"2021-03-25T20:30:47","date_gmt":"2021-03-26T00:30:47","guid":{"rendered":"http:\/\/www.teenstotsandeverythinginbetween.com\/?p=7891"},"modified":"2021-03-25T20:30:47","modified_gmt":"2021-03-26T00:30:47","slug":"financial-update-3","status":"publish","type":"post","link":"http:\/\/www.teenstotsandeverythinginbetween.com\/?p=7891","title":{"rendered":"Financial Update"},"content":{"rendered":"

This is actually a very positive and happy post to make for me. As most already know, interest rates for mortgages are at a historically low right now.\u00a0 We are receiving multiple offers each week to refinance our current mortgage.\u00a0 After some prayers, we decided to check into doing a simple refinancing of our mortgage.\u00a0 We actually did a refinance seven years ago and lowered our rate from 9.99% to 3.85%.\u00a0 I was amazed to learn that we would qualify for an even lower rate, 2.75% to be exact.<\/p>\n

We decided that since we have a sizable amount of equity in the house (over100k) that we could also look at paying off credit card debit.\u00a0 We did not see any disadvantage to this as in significantly reduces the interest rate as well as allows us to free up over $1000 a month. Our van was scheduled to be paid off in July but we decided to go ahead and pay it off as well.\u00a0In total we decided to use about $25,000 in the equity. This allows us to completely pay off our credit cards and the van.<\/p>\n

We actually received the proceeds today and we are debit free except for the mortgage and the car we purchased in November.\u00a0 We decided against paying it off as well in order to help establish and build Matt’s credit.\u00a0 It would also have changed the interest rate on the mortgage.<\/p>\n

In order to reduce the length of our mortgage from 15 years to 8 years, which is the length that was originally left we will be paying an extra principal payment a month. Our goal is also to pay an extra card payment each month to reduce the length of that payment as well. Finally we are working to establish an emergency fund of 3 months.<\/p>\n

We have been working toward this point for several years and it feels good to finally be at a stable place financially.<\/p>\n","protected":false},"excerpt":{"rendered":"

This is actually a very positive and happy post to make for me. As most already know, interest rates for mortgages are at a historically low right now.\u00a0 We are receiving multiple offers each week to refinance our current mortgage.\u00a0 … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[3,14,5],"tags":[],"class_list":["post-7891","post","type-post","status-publish","format-standard","hentry","category-budgeting","category-goals","category-saving-money"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p2ySyX-23h","jetpack_featured_media_url":"","_links":{"self":[{"href":"http:\/\/www.teenstotsandeverythinginbetween.com\/index.php?rest_route=\/wp\/v2\/posts\/7891","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.teenstotsandeverythinginbetween.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.teenstotsandeverythinginbetween.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.teenstotsandeverythinginbetween.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.teenstotsandeverythinginbetween.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=7891"}],"version-history":[{"count":1,"href":"http:\/\/www.teenstotsandeverythinginbetween.com\/index.php?rest_route=\/wp\/v2\/posts\/7891\/revisions"}],"predecessor-version":[{"id":7892,"href":"http:\/\/www.teenstotsandeverythinginbetween.com\/index.php?rest_route=\/wp\/v2\/posts\/7891\/revisions\/7892"}],"wp:attachment":[{"href":"http:\/\/www.teenstotsandeverythinginbetween.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7891"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.teenstotsandeverythinginbetween.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7891"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.teenstotsandeverythinginbetween.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7891"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}