January 20, 2009

More debt, more problems

Posted in Everyday, Home at 5:35 am by ListenMaudy

Today, we should find out our closing date. I need to call our mortgage broker and find out what our otions are as far as locking in a rate and when we can close go.

Since we’re buying straight from a bank, they couldn’t just accept our offer. They sent back a supplemental form that we had to sign, and then they have to sign it after we did. We didn’t get that form until 6pm on Friday, so they won’t execute the form until today. We can’t go into escrow until they execute it. That means we just lost another weekend of remodelling time.

I hope we can close in 21 days. Our friends bought a house about six months or so ago, and they closed in 21 days. When we bought our last house, we closed in 30 days. Closing in 21 days will give us at least one extra weekend to remodel the house before we move in. That weekend will be key.

The other thing that’s weighing on my mind is our loans. I have a large amount of debt in student loans, and I have been in the process of consolidating them since November. It’s taking a long time. The cumulative interest rate for my loans is 7.5%. That is ridiculously high these days, so I wonder if I can refinance my loans. If I could refinance them at even 5.5%, I would save $100 per month. Over the course of 10 or 30 years, depending on the term, that is a lot of money!

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