mortgage relief

[rivet]

My mortgage is split into a (very) large chunk fixed for a long period, and a small chunk fixed for shorter periods, in order to have the ability to make lump payments when I refix it. Through the unpredictabilities of life, this 'clever' move ended up being a bit of a liability, and the last rate I fixed that one for was 9.8%. OUCH, that stung

Comments

dropped 3.5 percentage points

[allyn]

huzzah!

Re: dropped 3.5 percentage points

[rivet]

I certainly think so!

(I'll stop talking about interest rates soon, honest)

I'll stop talking about interest rates soon

[allyn]

not a worry. i understand this is a pretty big deal in your life.

i'm thinking about interest rates a bit myself these days. i've got some debt on my credit card. i figure that it will take me about 3 months to pay it off.
i just got an offer on another credit card where if i transfer my balance to them the interest rate on everything i transfer will be 5% for the first six months. that's a big drop from my current interest rate. i'm just trying to decide if it's worth the bother of setting up another credit card/account with a different bank and whether i even want to have that other credit card around

[oddlet]

Here's a financial tip: interest starts accruing from the moment you make a payment, so if you can take your payments, split them in half and pay twice as often, you'll be cutting out a significant portion of interest over the life of the loan. I just got the pink slip for my car and managed to avoid at least $700 in interest by paying this way.

[rivet]

Thanks for the tip, I am doing so :)

Congrats on no longer having a car payment!