House Refinance Update, and Investing in Fixer Upper Houses at

Refinancing update

As part of my fixer upper house business, I am refinancing the property my wife and I originally bought in 2003 with the idea to live in it, repair it and sell it, utilizing the 1997 Taxpayer Relief Act to pay no taxes on the sale. However, with the downturn in the economy, glutted housing market, and falling prices, we decided to hold onto the house for now and refinance.

We owe $116,000 on the house and are taking out $20,000 in equity at a 5.625% interest rate. The new loan will be for $140,000. Monthly payments go down from $965/mo. to $924/mo. We’ll use the cash for down payment on our next fixer-upper purchase.

The loan process turned out to be alot easier than I thought. Based on the recent dire news on how much more complicated the loan process had become, I expected a Spanish Inquisition! (No one expects the Spanish Inquistion!!). I threw that in for Monty Python afficionados.

New Fixer-Upper Page at

I just created a “Investing in Fixer Upper Houses” page at For those who may not know, it’s a nifty new site where you can produce a one-page blog to promote some cause. Money from the advertisement goes to charity.

On my site you can add blog links and link to other articles I have written.

I encourage to check it out, and maybe start up your own page. It’s fun.

Info on Terry’s Book

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One Response to “House Refinance Update, and Investing in Fixer Upper Houses at”

  1. Whitestone says:

    Nice blog, glad to hear everything went smooth for you. I will be checking out your page on If you are ever in the neighborhood check me out at Refinance Nashville

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