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interest rate decreased!

May 13th, 2009 at 09:48 am

Today in the mail I got a letter from the bank saying our mortgage interest rate has dropped from 5.21% to 5.11%! Which means our minimum weekly repayments go from being $430.15 to $380.77 which is a huge difference. That is how much we were paying in rent nearly a year and a half ago. The plan is to set up an automatic payment to make up the difference Smile

Posted in Uncategorized | 9 Comments »

9 Responses to “interest rate decreased!”

  1. smiley2009 Says:
    May 13th, 2009 at 11:20 am 1242213657
    1242213657

    Thats great whitestripe what a savings it adds up annually!!! Any ideas of what you guys will do with the difference??

  2. Valerie Says:
    May 13th, 2009 at 11:54 am 1242215665
    1242215665

    cool beans!

  3. L Saver Says:
    May 13th, 2009 at 12:02 pm 1242216175
    1242216175

    It's amazing how big of a difference .1% makes!

  4. momcents Says:
    May 13th, 2009 at 01:26 pm 1242221169
    1242221169


    Great news! You'll be able to pay that sucker down that much quicker!

  5. Debtnomore Says:
    May 13th, 2009 at 02:26 pm 1242224776
    1242224776

    That's great news! Amazing that small percentage can be so much.

  6. Analise Says:
    May 13th, 2009 at 03:44 pm 1242229469
    1242229469

    Wow! That is great... $200 a month extra is sure nice and you are putting it to good use.

  7. LMAY12 Says:
    May 14th, 2009 at 01:11 am 1242263477
    1242263477

    wow especially in these rough times, that is a great help!! put it to good use!!

  8. frugaltexan75 Says:
    May 14th, 2009 at 02:24 am 1242267872
    1242267872

    Is that a permanent change? Or do you have a variable interest loan?

    That is great news either way!

  9. whitestripe Says:
    May 14th, 2009 at 07:53 pm 1242330813
    1242330813

    frugaltexan: it's a permanent change, but we have a variable interest rate. so until the rate changes it's permanent? but we are thinking of fixing it soon. i may wait a few more months to see what will happen because it may drop again.

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