Trim The Fat Tuesday: The Update
Though our Trim the Fat Tuesday challenge is officially history, we're still reaping the benefits of all those savings. Though we're longer actively seeking budget cuts, we've taken our total savings from the project and added it to our monthly mortgage payment. This has very quickly brought our equity in the house up to about 25%, which is well over the amount needed to ditch our PMI (that extra amount you have to pay for on a Fannie Mae loan if you have less than a 20% down payment). Our PMI was $400 per month (!!!!), so we were totally psyched to get rid of it. Too bad Wells Fargo (henceforth known as the Evil Empire) wasn't as eager. They can make us pay it for five years, even if we have built up our equity. Since that's a ridiculous waste of money, we hightailed it to our friendly local lender , a place not unlike the Bailey Building and Loan: This photo is from a great article about the Institution for Savings on boston.com We were able to re