We were interested in this short-sale property in Orlando. Originally, the seller bought it brand new in 2006 for $356,000 and now we’re jumping in with the offer of $180,000 matching the listing price. After over a week, we found out from the seller’s agent that the seller have stopped cooperating. The owner wants to stay in the house as long as she can and the bank isn’t doing anything to make her think that they will kick her out any time soon. Anyway, we have still have other properties to look at slowly.
While reading over the paperwork for our old house, I see that we have taken advantage of the lower rates to refinance several times.
(1) Initially we bought a house valued at $177,500 with a 5.5% 30-years-fixed mortgage from Bank of America in July 2, 2008. After the down payment, the loan amount was $168,625.
(2) In November 2, 2009, we refinanced the mortgage with PenFed with a rate of 4% and an outstanding balance of $145,600.
(3) Afterward I got the loan to be recast to 3.5% by paying the fee of 1% of the total loan.
(4) Finally, on May 21, 2012, I paid off the mortgage loan and replaced it with a home equity loan of $60,813 with a rate of 1.99%.