So, just yesterday I was able to complete the refinance on my condo and lowered my interested rate a full 2%!! Up until now, I had a 5/1 Interest only ARM and it was due to shift rates. While this would have been fine, it was only going to stay the current rate for 12 months and then it could shift every 12 months for the remaining 24 years. That is a stress that I do not need to have on my head. So, I've locked in now for 30 years at 4.125% and will finally be making payments toward reducing the principal as well. Although, all along, I've been paying extra to reduce the principal, it's just that it was an interest only loan. Something I would not recommend, but as we all do, we learn some lessons the hard way. But, now that I know what it's going to cost me to pay it off and there won't be any surprises, I feel like I can really start to make progress on the mortgage and other debt and really see the big picture.
Current debt: $243,565.24