Money Matters
Dear Community,
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Mortgage Question
I don't usually post here, but I really wanted to get an outsider opinion on something. My husband and I bought our house in December 2011. We actually signed the papers while I was in the hospital after giving birth to our twins. We have been trying for years to get out of debt and just kept getting sacked with bills especially after all the medical bills from having our girls. So we recently had my in-laws take out a loan for us so that we could pay everything and cut out a lot of the interest charges. So in 3 years we will have that loan paid off and my car loan will also be paid off. My thought was to maybe refinance our house and get a 15 year loan (instead of the 30 year one we have now) since we will have an additional $600 a month after paying off the two loans. That way we will have our house paid off by the time our girls are in high school and will have a lot more financial freedom to do things for them and to really build a nice savings for ourselves. To me this makes a lot of sense as long as the payments are affordable. Just to give a little more info, I am a stay at home mom and probably will be for at least a few more years (until the girls go to school). So we are living off of my husband's income and I am basing the idea of refinancing that we will still be living on one income. What do you guys think of this? Is it a good plan? Does it makes sense?
Re: Mortgage Question
It's tough to give an accurate response because we don't know your existing mortgage and other debt situations...
First question is: if the in-laws took out a loan for you, is this due to your credit scores/reports being at a point where you were't able to get a loan yourselves?
Next, how much of an e-fund do you have? And, can you pay the costs of doing a refi without taking money from that e-fund? FYI: refi costs can be multiple thousands of dollars and while some companies will allow you to roll these costs into the new refi - that means you pay interest on those costs, which isn't generally a good idea.
What's your overall budget looking like on the one income?