Monday, October 14, 2002

Third Mortgage Re-finance

With interest rates continuing to drop, it makes sense to refinance once more, for the sole purpose of decreasing our interest rate.  Since Chase has been doing a good job with the current mortgage, we approached them and asked if we could refinance to a lower rate.  They agreed.

We again refinanced with Chase Manhattan Mortgage, getting a 15-year fixed rate mortgage for $125,800 at 5.75%.  This paid the balance of the third mortgage of $125,823.32 plus closing costs.  Closing costs included title insurance ($768.20), but since the previous re-finance was so recent, we were able to skip the appraisal.

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