Locked in New Mortgage Rate

With mortgage rates at near all-time lows, we decided to refinance our current mortgage, and pull out some cash to finish our basement.  Our current mortgage rate is 5.5%, which is very good, but we locked in a new rate of 4.25% today.  Finishing our basement will give us more family room space, which will be useful as our family grows, especially with the kids getting older, having friends over, etc.  We also plan to add a bedroom (bigger than Brian’s current room) for Brian and Ilya to share and a bathroom for the boys.  We had plenty of equity when we moved in 6 1/2 years ago, so we’ll see what the house appraises for in today’s economic conditions.  If it doesn’t appraise high enough to maintain at least 20% equity, we will forgo the cash-out and do a straight refinance. We’re not sure how finishing our basement will fit into our lives, but let’s take one step at a time!

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