Sunday, May 10, 2009

Happy Mother's Day!

I hope all you Moms out there had a Happy Mother's Day! We went fishing today, and let me tell you, I was surprised at myself for even making the suggestion! LOL! I don't like fishing, normally, but the kids were excited to go, and DH had the day off, so I said, "Let's go!" Everyone caught a fish except for me lol. I even put the worms on the hooks. And it was worth every moment just to hear Ruth and Molly say that they "caught a WHOPPER!!!!" ROFL!

We managed to see the REO on Friday, and it was pretty much as I expected - it needs a lot of work. Which of course is good when you want to rehab! :) There is another REO down the road from it, with a different agent, so I might call them and check that one out, too.

In other news, I've been mulling over the idea of refinancing our house to get cash out and get a lower rate. I'm not sure if we would qualify, or if we could get a better rate, but I think it would be worth looking into. I would like to pull about 10-15K out, which I think is doable. My reasoning for this is that if DH for some reason lost his job, we would at least have some $$ in the bank to cover expenses and the mortgage, rather than have that equity at risk if he couldn't find another job quick enough, and we fell behind on mortgage payments.  What I would do is take a portion of what we pulled out, and put that into a CD so we wouldn't touch it unless there was an emergency. The other portion could be used to catch up on some outstanding bills, REI earnest money deposit, that type of thing. I need to run this by DH, because I don't want him to think that that is an opportunity to go "hog wild" and buy up some "toys" (PS3, new stuff for his Jeep, etc.)

Anyway, just some of the things going on.....will post tomorrow with new goals and follow up to last week's goals.

3 comments:

  1. Hi Ingrid, sounds like you had a fun Mother's Day! Just wanted to quickly comment on your financial stuff here....if you do choose to do a cash out refi (harder to do these days unless you have some serious equity) be sure to put that emergency money in a more liquid and accessible account (like a money market that provides ATM and/or check access) - not a CD which will tie it up. Also, before doing a cash out consider if there are other "gazelle intense" ways (a la Dave Ramsey) of getting the money...like selling things, working a night job temporarily, etc. Wishing you the best as you work on those Baby Steps!

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  2. Way to go Ingrid! Fishing!! That a girl!! Sometimes it isn't about the catching. I'm glad you had fun! Keep us posted about the financial stuff.

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  3. Thanks ladies!

    Shae, I'm still kind of up in he air on the refinance thing. I know DR would NOT approve LOL. Working the 2nd job is not really feasible with DH's work schedule...and the bottom line is really a lack of a strong income. We've already sold whatever we could sell

    The idea of doing the CD would actually be kind of a double layer for us. Bank of America has a no-penalty for early withdrawal CD (with restrictions) so we could put some in there, and also in a Money Market. The CD would be one of those "in an emergency, break glass" type of things. LOL

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