We just cannot win. Even when we think something is a sure thing and will get us ahead, something goes wrong and gets messed up and we get screwed over. As I mentioned before we were going through the process of refinancing our house at a fantastic rate that was going to save us up to $200 a month in the monthly house payment. We set everything into motion and some moron came out to do the appraisal that was necessary to value the house to get the loan. Background here: we bought the house in March 2007 for $129,950. I got a call from the banker today saying the appraisal came in lower than we were thinking. A. Lot. Lower. Our house was appraised at $126,000. (it was one two six thousand something, I just cant remember what). First of all, I just cannot understand this. Even if the market in Cedar Rapids has tanked in the last 5 years, which it has not, I don't think our house should be this low. We have added value by putting on a new roof and building a fence in the backyard. We have improved the porch and bathroom. I get that I complain about it a lot and there are a lot of small things and some big that need repairs but it still wouldn't account for a $4000 loss in value.
What this means is that since we can only get a new loan for refinancing that is 95% of the total value of the house we don't even clear enough to pay off the current loan balance let alone the closing costs for the new one. If we wanted to go ahead with the refinancing we would have to find $4000+ from somewhere to pay the difference in the current loan amount and the closing costs and our monthly payments would still only be about $110 less than what we are paying now. Obviously every little bit helps, and technically the home loan amount would go down by about $1500 and at half of the interest rate than we have now, but still.. we kind of don't have $4000. If we had that laying around we wouldn't have any problems and wouldn't be looking to refinance to gain the money in the monthly budget.
So here's the thing. I know we are not in a terrible spot. I know there are much more and terribly worse things that could be wrong with us and our family. I know we should be (and very much ARE) extremely thankful for what we do have. After all, we are lucky to have the house at all. It is OUR house and I am a miracle worker and somehow manage the finances every month. I know it could be worse but it doesn't make it any easier to manage. After monthly bills: student loans, the house, utilities, car payment, etc, etc, etc... we only have about $220 left over to cover groceries AND gas. Yes, PER MONTH.
I just want to get ahead. I want to go to the grocery store without feeling guilty for buying a cheese other than cheddar or mushrooms because I like them (and no one else in the house does). We don't have nice things. Our dining table is from craigslist and the chairs are about ready to fall apart. The couch was Paco's grandparents and it went through a couple of the other family members before coming to us. The TV was a gift. The desks, the hutch, the dressers... all given to us by other people because they were done using them and bought new furniture.
Sigh. Anyway. Pity party over. We'll get by, we always do. Maybe next year will be our year since this one obviously isn't.
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