Friday, May 29, 2009

Refinancing the house

Today we closed on refinancing our home! I believe the average life of a mortgage is 7 years and our first mortgage lasted 5 months! Our interest rate is almost 1 percentage less now and we have set up bi-weekly payments. A bi-weekly payment plan is every two weeks and the payment is half of what a monthly payment would be. By simply paying on the bi-weekly payment plan our 30 year mortgage will be paid off in 25 years! Of course we plan to start adding extra principal payments and maybe get that 25 years down to 15 or maybe 12...we'll see!!