Budgeting and finances are going to be gone over with a fine tooth comb in our household soon as today is July 1st... my own self-imposed deadline of deciding whether or not to refinance our 5 year ARM that is going to expire on November 1st. If we do nothing it automatically rewrites itself at prime plus 2.25% so that is not a viable option.
When we moved here from out of state just over 4 1/2 years ago it was to be a short term relocation. Promised by my husbands company that he would be relocated within the year we bought a home based on the location, the immediate availability to move in for a short close (new construction, just finished) and never intended to live here longer than 18 months, 24 months at most.
My husbands relocation's however were all to local company locations that were within 50 miles so although he is at his 3rd location now, we haven't moved.
And thus; the need for decision making!
Up until now I was still mulling ideas; relocate, let the loan rewrite itself, rewrite at a current rate, sell the house and buy another local, build a home...
My self imposed July 1st date assumes 2 months for the process to go through (for market analysis, any inspections needed, paperwork flub ups, etc.) and then hopefully having everything in place by October 1st.
Calculators are being brought out. Pencils sharpened and budgets abound. Time to compare rates, pay down points, ARMS, fixed rates, closing costs and other pesky details that can change the payment of a loan by up to $300-$400 a month.
Let the games begin!
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