Twenty Seven Point Twenty Seven, Repeating

[digitaldiscipline]

According to the appraisal we had done on the house this past weekend, that's how much the work we've put into it has paid off, in percent. It's about a three hundred percent ROI on the capital that's gone into the house thus far (insulation, A/C, paint, sewer line, driveway pavers, lighting fixtures, etc).

Realistically, this means two things. The refinancing I'm looking at to consolidate outstanding debts will be at a lower APR (by up to .7%), and there's more $$ available to pay off more of that stuff.

As far as I can tell, the biggest (and perhaps only) downside to moving from my current mortgage to the refinanced arrangement is that it doesn't include an escrow account for property tax and home insurance automatically with the monthly payment.

Financial types, am I missing something that could bite me in the ass come tax time? Is this still considered to be a mortgage, so that the interest paid is deductible?

But, yeah. That was nice to hear, regardless.

Comments

[etcet.livejournal.com]

*makes note to pick your brain about the MMA*

[lil-m-moses.livejournal.com]

Nothing special about that - it's just another checking account at my credit union, except that it pays interest equivalent to a short-term CD (better than savings, IOW), I can't write a check for less than $200, and I'm limited to something like 4 checks and 10 electronic transfers out per month. Different institutions of course will have different rules, but that's mine.

[etcet.livejournal.com]

i will investigate this at my current bank to see if that's viable; k and i are planning on a joint account for "house stuff," so that may suit our needs, other than handling monthly utilities.