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A few upcoming changes to our finances

April 17th, 2009 at 05:45 pm

Just a few quick updates on our finances:

-Went ahead and requested a $15K Balance Transfer from Chase to pay off our HELOC. Of course we will still owe but the interest rate is 0% until December 09. It will be our #1 priority to pay this off with every spare dollar.

-Our refi is proceeding along smoothly. Our closing is scheduled for April 28th. The rate we are getting is 5.0% with no points on a 30-year fixed. We are consolidating a first at 5.375% and a 2nd at 5.99%, and our new payment will be the same as our old first, so I think it is a good defensive move.

-We applied for new term life policies through USAA. Our current policies are with Lincoln National and are about 3 years old (they were 25-year policies when we got them). Lincoln has been in the news lately for applying for TARP money and their ratings are scaring me. Since my wife is pregnant now, I'd rather apply for a new policy now should (god forbid) anything happen during the birth. USAA is a rock-solid A++ rated insurer, and we do all of our banking with them, so it also makes sense to keep life insurance policies with them. Their rates are quite good and we decided to extend out to 30-year policies with the 2nd child coming. This way if we decide to go for a 3rd we will be covered. If not, their rates were the same whether it's 25 or 30 year so longer is better. We haven't gotten final approval yet but we went through the medical screens so it should be in the next week or so.

With that, I am off to get ready for a short camping/hiking trip, two of my favorite cheap things to do!

3 Responses to “A few upcoming changes to our finances”

  1. Analise Says:

    Sounds like you made some excellent changes. Enjoy your camping trip!

  2." target="_blank" rel="nofollow">master finance Says:

    Awesome article! I have gradually become fan of your article and would like to suggest putting some new updates to make it more effective.

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