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Received notice of my mortgage readjustment...
I have dreaded this day for the last 8 months. After trying to refi to no avail (due to the low debt to value), I decided to just pay what ever the adjusted rate is going to be. I have been putting away money just to make the extra payments. I figured it would go up $400 - $500 a month. With my separation in full effect it wasn't going to be easy.
My mortgage is a 3yr ARM, adjusting every 2 year with 2.75 index rate + the current interest rate. Then at the end of 2 years it recalculates.
...so the change was scheduled for Aug. 28th. I receive a letter in the mail from the mortgage company yesterday. Before I open it I know what it is. Heart pounding, palms sweaty, I open the letter.
My reevaluated rate is $100 cheaper a MONTH!!!!!!
Now I'm going to apply the extra saved funds towards the principal and hope the market rebounds a little by Aug. 2010.
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