House Appraisal: $98,000!

I just got my appraisal in for my mortgage refinance. My home value, according to the appraisal, has risen $8,000! This is great news as I can now refinance with no out of pocket costs. This also means my net worth has risen a bit too!

I am moving forward with my refinance at 4.5% which is a lot less than the 6% I am paying now! I will also roll in my HELOC to make one payment and total monthly out of pocket too. My HELOC is at 4% but it is a variable rate that will eventually rise so I am OK with locking in 4.5% now.

This is a big leap forward for my monthly cash flow and overall interest rate on my mortgage debt. I am locking in one of the lowest interest rates in history for my 30-year mortgage. I intend to pay extra toward the mortgage once I have exhausted all of my other debts to speed up the repayment. I will continue my debt snowball as planned.

Now is the time to refinance if it makes financial sense!