The offer from the credit union has no doubt changed since then, but we were contemplating rolling our credit card debt with the mortgage, along with trading in our 30 year loan which is at 7.375% for a 20 year mortgage which would be financed at 5.125%.
All those months ago we’d told the credit union we thought we would need a total of $77,000 to pay off the current mortgage and the credit card debt. They said our home and land would have to qualify for a $120,000 loan because they can only loan us 65% of the value of the property.
Since we’ve been paying the mortgage and chipping away at the credit card debt, we now would need a mortgage for $72,600. That’s $4400 less.
So our home and land would need to be valued at $112,000.
The home assessment is paid out of pocket and was going to cost $400. We would have to use the company that the credit union chooses.
One thing that complicates our loan is we live in a manufactured home. Our home is affixed to our land, and that does help to give it more value. But a lot of lenders don’t like to finance manufactured homes.
So… why don’t we just get things rolling? Why the big delay?
Time, money and energy. I’m starting to feel better, but I still don’t have the energy it takes to commute two hours, work eight hours, and on top of that do daily household chores, let alone work on getting rid of clutter and cleaning enough that I’ll feel comfortable having someone come in to put a value on our home. Every day that I work outside the home I return pretty much wiped out. I usually make dinner, or at least help with the side dishes and once dinner is over there is barely a few minutes to check my email before it’s time to go to bed and start it all over again.
With that hectic routine, by the time Friday gets here, everything is a mess again. Heaven help us if I have something taking my full attention (like finishing up our 2009 taxes a couple of weeks ago) and haven’t been able to do housework on the weekend. It just gets worse as the days go by.
I have heard horror stories about people with messy homes and the poor person who has to inspect the home. In fact this happened to a family member, I just cringed hearing the story. The guy was a real estate agent, and his sister needed her house assessed, so he sent over one of his buddies, and the inspector was just appalled at how messy the house was, if I remember correctly, he left without even attempting to make the assessment. I just don’t want to go through that without at least doing the best I can to make the house presentable.
I have managed to whip this place into shape, but I know it takes working about 8 hours a day for 3 or 4 days in a row. I just don’t have the energy, the stamina or the time to do it.
Anyway, that’s why my credit score is important to me – because I would like to refinance our home one day! If I didn’t have that hanging over my head, I’d say to heck with a credit score!
Is your credit score important to you?