Did I Mention Our Refinance STILL Hasn’t Been Completed?

It’s amazing how long it has taken to get our refinancing completed.  It all stems from the massive way of people that jumped at the chance to get 30 year fixed loans at historic rates.  I had been worried about how long it was taking because I was worried our rate lock would expire.  Once my credit union assured me that they would extend the lock, I’ve kind of just been sitting back waiting without much thought.

Well, the lady from the credit union finally called today and said she has our loan documents complete and we are ready to go to escrow.  Originally I had been hoping to get the loan completed before the end of January.  She told me that today was the cutoff for January loans so I decided to wait to sign until next Monday.  By doing that, we won’t have our first payment until April 1st.  That’s appealing right now because we are saving for a new roof and we can use all the help we can get to build our savings account up further.  The reality is that we can afford to pay for the roof  now, but that would use a lot of our emergency fund (the roof is going to be very expensive because we are removing shake and putting on composition roofing, which my homeowners association requires to be top quality 50 year roofing).

So, being able to skip a payment for one month will help us get there that much quicker.  I’m still pretty giddy that we were able to lock in 4.875% for a 30 year fixed rate loan.  There were a few days where the rate was even lower than that, but we had already locked in.  Frankly, I never thought we’d see a rate that low, which is why I continue to be thrilled.