We have our appraisal on Monday which is the last step to qualify for our refinance on our primary home. We have a great low interest rate locked in, but we have to get past the appraisal.
I'm nervous about whether our house will appraise for what we paid for it in 2004. Reasons, we bought our house in 2004 (not at the top of the market but on the way up), we live in South Florida (ground 0 for mortgage/foreclosure mess) and our house is hard to value because its (1) historic, (2) unusual, (3) located in an eclectic neighborhood.
Keep your fingers crossed for us. A new lower interest rate will help us to pay off our house in less than 25 years (because we will keep paying our current payment each month, about $200 more than the new payment) and save us $70,000+ in interest.
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