The blank screen
A friend was looking into refinancing her mortgage the other day, and got me thinking about it too. I quickly realized that we could cut our interest rate by 1%, lower our monthly payments, and shorten the term of our loan for very little cost.
So I applied online with Pentagon Federal Credit Union. During the application process I came to this screen:
And that’s when it hit me. The mortgage really IS the only thing we owe money on. I was so happy to just click “next” and be done with the screen without having to fill in a thing.
I can’t even begin to explain how much less stress and worry there are in our lives without those debts. Making the commitment to pay off our debts was one of the best decisions we’ve ever made. If you’re working on getting out of debt, keep it up. It’s completely worth it. I can’t wait til we finish paying off the mortgage too, and this refinance will help us get there quicker.
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January 27th, 2008 at 8:25 am
:) Everyone who gets out of debt says stuff like this. It sounds so good it almost (but not quite) makes me wish I’d had debt to pay off.
January 27th, 2008 at 8:43 am
What an awesome feeling. I paid off all my credit card debt but I am still working on the car and student loans. I know how I feel having those paid off so you must be on top of the world.
January 27th, 2008 at 3:32 pm
Think of how great it will be when that mortgage is all gone…
If things go the way Darling and I plan, we’ll be debt free by the time I’m 25. Already I have a difficult time relating to my peers, many of whom are busy tunneling their way into debt at great speed.
January 27th, 2008 at 6:01 pm
Personally I like to see the 0% CC loans from the banks that I’m earning interest on, and the margin loans that have cost me a lot less in interest than the returns on the funds invested over the years. I’ve also got most of my home and investment property loans on interest-only, as I’m better off investing any spare income in my tax-sheltered retirement fund rather than just paying off some of my mortgage balance.
January 27th, 2008 at 9:28 pm
Very exciting!! :) Congrats on making it this far–and sounds like a good decision lowering your interest rate.
January 29th, 2008 at 11:36 am
I did the same thing when I applied…it was almost weird!!
I do charge on my PenFed credit card, but I don’t carry a balance. And no car payments….
Did you get in on the 15 year fixed??
Im glad for you…
It does feel really, really good.
January 29th, 2008 at 11:49 am
Yup, we got the 15 year fixed :)
January 30th, 2008 at 6:15 am
What an awesome situation to be in. Congratulations!
Just a though on a lower interest rate, wouldn’t it be better to keep the monthly repayment as you are on now. It would work out as extra repayments, and shorten your effective loan term?
January 30th, 2008 at 6:27 am
tehnyit, I guess I didn’t mention it in this post, but even though our payments will be lower we’ll still continue paying more toward it, either directly to the mortgage or in a high-interest account.