SO YOU JUST REFINANCED your fixed-rate mortgage within the past six months. Maybe you knocked a half point or more off your interest rate, lowering your monthly payment to leave more money in your pocket for other monthly expenses or savings.
Let’s say you previously had a 20 year fixed-rate loan with a balance of about $175,000 on your home at 5.3875%. You’d been seeing much lower rates out there and wanted to take advantage of a great opportunity to save money, but were either too busy or didn’t see a low enough rate to warrant taking action. Or maybe you assumed that the closing costs would be more than you wanted to pay and it would take too long to recoup the up-front investment.
Then you spoke to a great Mortgage lender who explained to you that you could lower your rate to 4.25% with no closing costs, knocking thousands off the cost of your loan over time and reducing your monthly payment by about $30. So you gather together a bunch of paperwork, fill out some forms, close on your new loan and enjoy your savings.
Then about 5 months after you began the re-fi process, your lender calls you and suggests that you refinance….AGAIN! With no closing costs. Most of the paperwork is still on file with the lender; you probably just need to produce current pay stubs and a few other miscellaneous items, and then fill out more papers and attend another closing.
At this point, your interest rate is 4.25%, and you have a little less than $175,000 left on your mortgage and maybe a small 2nd loan, such as a home equity line of credit with a balance of a few thousand dollars. About $80,000 of your remaining loan is interest.
You learn that you can qualify for a 20-year fixed loan at 3.75%, which would eliminate nearly $8,000 in interest over the life of the loan, and further reduce your monthly payment by about $65. With NO CLOSING COSTS. You also are able to subordinate the balance of your home equity line of credit, rolling it into your new mortgage, just as you did when you last went through the re-fi process. For no cost, other than the expense of time you devote to some paperwork and file gathering.
Yes, there is a lot of stuff to do around the house that you want to get to….painting the garage, refinishing the front porch steps, cleaning out the basement and selling a bunch of obsolete stuff on craigslist, etc. etc. There is always a myriad of tasks, projects, chores and other diversions that can serve as convenient excuses to put off this type of opportunity. But then you realize….you could buy the paint and other supplies with a couple months of savings from doing another re-fi! $65 dollars per month could pay for lots of things! In our family’s case, it would pay for about 6-7 hours of ice time for our daughter, the competitive figure skater. It could even buy you a nice dinner for the family to celebrate your new lower monthly mortgage payment! Ask me how you can accomplish this; I can point you in the direction of a great lender who can get the job done for you!
Now, about that peeling paint on the garage….
WHEN IT comes to preparing simple nutritious meals, once in a while–often out of financial necessity–one must improvise with what is available. If ordering out or going to the store is not an option, this 2-minute recipe may come in handy if you are ever in a pinch.
The ingredients for Recession Pizza are:
1 Rice Cake*
2 Tablespoons of Salsa or Pasta Sauce
1-2 Slices of Cheese
* If you wish, you may substitute 1/2 of an English Muffin. Whether you choose the top of the muffin or the bottom is entirely up to you.
Here’s how to prepare Recession Pizza:
1. Place your rice cake on a flat surface
2. Add salsa or pasta sauce
3 Cover with cheese
3a. TIP: Turn up the corners of the cheese so they don’t melt over the edges and make a mess
(Being the sensible person I know you are, you’d probably do this anyway.)
4. Place in Microwave oven and set timer for 45 seconds
5. Press the Start button
6. Do something else for 45 seconds. If you can’t drum up something to do for 45 seconds you can watch this
7. Voila! You now have one helping of Recession Pizza!
(NOTE: The rice cake make get soggy in the middle but should remain relatively crunchy along the perimeter)
This meal is cheap, easy to make, and best of all, 99% healthy. So go on and try it, especially if you have a lonely sleeve of rice cakes staring down at you from atop your fridge or stowed away in the cupboard. Enjoy with a tall glass of water.
AN OASIS! Great flow in this roomy 2BR, 2BA modern condo. Relax, entertain, dine in style. Light streams into the flexible “great room.” Maple kit w/granite counters & island. Hardwood floors, 6′ x 3′ pantry, in-unit washer/dryer. Master suite includes flat-panel TV. 11′ x 10′ basement storage. Huge yard w/brick patio. Pet friendly, near trains, buses, shops, Bill’s Burgers. Covered parking. Make It Yours! More information here. To request a showing, please visit my web site.
THERE IS a great book available online, written by Robert B. Teska, of Teska Associates, which meticulously documents the chronology of Evanston’s downtown district, providing insight into how the heart of the city’s commerce and retail activity developed in response to the needs of the community and the economic climate of the region.
If you have an interest in community planning or Evanston area history, then Downtown Evanston Revitalized: 1956-2006 will be a delightful read for you. Accompanied by numerous photos to complement the sequences of development between ’56 and ’06 skillfully chronicled by Mr. Teska, you may find yourself taking a few twists and turns down memory lane. Complete with more than a few excellent birds-eye images of Evanston planning and zoning maps, the research coupled with photos, maps and renderings, provides for a greater understanding of the developers’ perspectives.
Please share this free download with any Evanston history / community planning aficionados you know!
Mr. Teska founded Teska Associates, Inc. in 1975. The consulting firm specializes in community planning, site design, development economics, and landscape architecture. In 1980, Mr. Teska founded Design Evanston, a non-profit volunteer organization of local design professionals to promote the theme, “Good Design is Good Business”. In 1992, he founded Business Districts, Inc., a consulting firm specializing in business district revitalization.
Spectacular Top-Shelf, Top-Floor 2-Bed, 2-bath Modern Condo w/Garage Parking and In-Unit Laundry! Pets Welcome!
Condo buyers, look no further than 1300 Central Street, Unit #404! Here’s the top-shelf, top-floor Northeast Evanston home you’ve been seeking!
Fall in love immediately with this sleek 2-bedroom, 2-bath unit with all the in-unit amenities you want at an incredible price. Located on the top floor of this distinctive, modern elevator building (built in 1996), here’s a comfortable, spacious home with a flexible, open floor plan to accommodate your lifestyle.
A skylight illuminates the 11’ x 9’ kitchen, which features cabinets galore, ceramic tile flooring, space-saver microwave oven, and 26” deep Corian counter tops. A total of 23 square feet of counter space affords plenty of room for culinary delights, as well as a work area and space for a breakfast bar. All kitchen appliances are stainless steel, and the Frigidaire oven/range was purchased in early 2012. The inviting 18’ x 15’ Living / Dining area offers plenty of flexibility to suit your lifestyle and entertainment needs. The modern fireplace features a marble tile hearth and gas starter for convenience. The Living Room leads out onto a Balcony to enjoy treetop views, cool breezes, and there’s ample room for table and chairs, to relax and enjoy outdoor meals. The Master Suite features a generous 9’ x 5’ walk-in closet, with plenty of room for extra storage. The Master Bath has ceramic tile flooring as well as shower tile surrounding a full tub. An oasis at the end of the hall, this huge Master Bedroom measures 20’ x 11’ with three windows.
The unit comes with one heated garage parking space, conveniently accessed from the stylish lobby. In-unit washer and dryer are tucked into a closet in the Foyer off the kitchen.
1300 Central Street is conveniently located near trains, shops, schools, parks, golf course, Evanston Hospital, and if that isn’t enough, Lighthouse Beach on Lake Michigan is just a few blocks to the east.
Who could ask for anything more?
A quick close is possible on this unit, so don’t wait too long or you could miss out on a fantastic value for such quality.
There is no street sign in front; the building is located on the southwest corner of Central Street and Asbury Avenue.
Make a point to come see it; you won’t be disappointed!
To request a showing or see more of my listings, visit 4salebyandy.com