YAY!!!!
I know I haven't posted here in FOREVER....Raya's blog keeps me pretty busy!....but I just had to share our exciting news! Lee and I are refinancing our house (even though we've only been here 2 years) b/c the interest rates are so low....plus, we are changing to a 15 year loan instead of 30 year, so that we can pay the house off faster. Well last week we had an appraiser out to the house....and we were hoping it would appriase higher than our purchase price b/c we've made improvements (mostly do it yourself improvements, but still we thought it'd be worth something at least)...and the higher it appraised the better b/c we would have to pay less mortgage insurance and our payments would go down....plus obviously it would mean money we've essentially made on our house.
Well our loan officier just emailed and he couldn't believe how much our house appraised for....we've "made" 40k on the house in 2 years!!!!!!!!! It appraised for 40k MORE than what we paid 2 years ago....they said our home improvements had added great value and our house was in above average condition compared to comparable sales in the area! SInce we've done almost all the work ourselves and haven't paid for labor than basically our sweat equity made us money....gotta love it!
....and since it appraised so high we actually have to pay ZERO mortgage insurance now....YAY!!!!!!!!!!!!!!!!!!!!!!!!!!
Well our loan officier just emailed and he couldn't believe how much our house appraised for....we've "made" 40k on the house in 2 years!!!!!!!!! It appraised for 40k MORE than what we paid 2 years ago....they said our home improvements had added great value and our house was in above average condition compared to comparable sales in the area! SInce we've done almost all the work ourselves and haven't paid for labor than basically our sweat equity made us money....gotta love it!
....and since it appraised so high we actually have to pay ZERO mortgage insurance now....YAY!!!!!!!!!!!!!!!!!!!!!!!!!!