Tuesday, October 26, 2010

Finances, Shopping, and Pottery

Good Morning, Kittens.
 
I got some good news yesterday.  As you may know, the mortgage on my apartment is a 5-1 ARM.  That means, I paid the same interest rate for 5 years.  Then, it adjusts every year after that based on some weird financial calculation that I don't understand.  Five years ago, I got a decent rate (after paying a point*) of 5.75%.  Yesterday, I received a letter from the mortgage company explaining that my new rate will go into effect on 1 January.  Whoa.  Have I been in my place for 5 years?  And I *still* haven't redone the kitchen?  Why do I suck at this kind of stuff?
 
Anyway, my new interest rate?  It is an awesome (and low) 3%.  CRAZY.  Which without going into too much detail, means that I can pay about $200 less a month than I'm paying now and STILL be paying more principal than I am now.  INSANE!
 
What am I going to do with that extra money?  Probably drink it.  Haha.  Seriously, I think I will do a "Pay Myself" program, in which I deposit the difference into a separate savings account.  Happy happy!
 
I also got a fun, surprise present in the mail.  AND, I ordered a cute pair of skinny cords from Levis.com. 30% off!  Free shipping!
 
Meanwhile, pottery class was pretty good.  I got back two finished items: this little teacup and a slightly larger similarly glazed, similarly shaped, possibly useless bowl-cup-thing.  It's too large for a teacup/mug, but too small to be a useful bowl.  Maybe it could hold M&Ms.  Or candy corns.  Or something.
 
I trimmed the platter that I almost put my finger through on Sunday.  I think it will be OK.  It's a wedding present (if it turns out).  And, I threw a round vase.  Good times!
 
Today, after surviving work, I need to go for a run (only 5 more sleeps 'til the 10K - ACK!) and do some cleaning.
 
*This has something to do with paying a little bit extra and the bank lowers the interest rate by one point

8 comments:

  1. I don't understand all that banking stuff but 3% is EXCELLENT! Congrats. Enjoy your rainy day money.

    Mmmmm. Candy corn.

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  2. rn terri10:02 AM

    Awesome on the 3%! I am thinking candy corn with peanuts!

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  3. Three percent is astounding! Yay for extra cash!

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  4. That is awesome - and possibly the first 5-1 ARM story I've heard that had a happy ending (and the husband was in the mortgage business for YEARS - but had the good sense to get out about 5 years ago!)!!! I'd buy some great booze in January, and then start said savings account in February. I'm just saying...

    -Dr. Liz (not Fiona the dog)

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  5. Oh, but from the mortgage side of things, you might want to see if you can lock in 3 or 4% now while rates are killer low, and get a 30 year fixed at something like 4%. This is the time to do it, if you can. Just saying... ;-) (Because your current loan will continue to adjust each year, and the odds of it staying low are not so good.... See what I get for being married to one who did this for a living?)

    -Still not Fiona the Dog

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  6. ohhhhhhh ....you've shattered by image of you. An ARM? That's what's wrong with America today! Oh well, 3% rocks...glad it went your way!!! After your hiatus *ahem* !!!! I'd go buy another belt in brown.

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  7. Wow, 3% ! I got 5% last year, and was quite happy with that! Good for you.

    HUGS....

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  8. I came to say yay!! but then I saw candy corn and peanuts and now I can't concentrate. candy corn+dry roasted peanuts= the bizzy.

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