Refi Challenge

So, have you got those deals in the mail about refinancing your home for a lower interest rate and then you can get 21,000 dollars cash!! (or whatever)

Yeah, me too.  And I called...and am taking the refi challenge.  See, if they appraise your house for more than what the loan is, you can have the option to take cash out.  (Layman's terms, as you can tell)  If it doesn't appraise above the current loan, then you can still refinance at a lower interest rate... oh, and skip two payments!

My husband and I decided to go forward with the refi and the only risk to us is that we have to pay for the appraisal.  If for some reason the loan doesn't close or we chose not to proceed, we'll be out the appraiser cost, which for us is $425.

And the appraiser is coming today.  That means that Ryan and I had to bust our humps last night to get ready.  Did you know that busting your hump means installing carpet downstairs?!  In our case, it does!  My sweet Ryan is a professional carpet installer and used to have a business on the side so score for me!  Because my whole house has new flooring including, as of 2 a.m. this morning, the basement.

From the time we got home last night up until 2:13 this morning, to be exact, we busted our humps to make the house look spotless.  I really would like it to appraise more than the current loan so that I can get a little cash out.  And, yes, people I realize that I would be financing a couple thousand dollars over the life of my mortgage, but I don't care.  You don't know me!  Don't judge.

So keep your fingers, toes, eyes, or whatever crossed and help me hope that the appraisal comes in high.  :)