saved about $270

[Ohioguy]

I decided to go through our recurring expenses over the last month
looking for savings. I focused on car and house insurance, mortgage
costs, and property taxes.

On our mortgage, we were paying 5.35% interest, with a monthly
payment of $740. We refinanced for a grand total of $600 in closing
costs, and got 4.5% interest rate, and monthly payment of $650. That's
about $700 less in interest a year, and over $1k less in payments required.

For our insurance, we were paying roughly $1,520 for insurance on 2
houses, plus car insurance on 3 vehicles. Ended up saving about $250 a
year switching to State Farm, and combining the policies there under one
roof. (previously used Farmers for the houses, and Progressive for the auto)

When it came to property taxes, in March we paid roughly half what
the house sold for last time. However, our appeal to get our taxes
reduced was denied. In the end, I remembered that as part of the house
remodel, I had to do "mold remediation" - I.E. -remove all the stuff the
former owners had improperly used to finish the basement. (untreated
lumber on the floor, non moisture resistant drywall, and pink insulation
behind it all, in a below ground installation) Turns out that all I had
to do was call the auditor's office to ask how they calculated square
footage, and found out that 20% of our square footage is no longer taxed
as living space.

So, in the end, we are going to be saving between $270 and $300 a
month. I'm feeling pretty good about it all, and feel that the couple
of days worth of time I spent on all of this was well worth it.

[Ohioguy]

> Congrats on the savings through re-fi, combining insurance policies,
> and making sure your taxes weren't over-assessed, Ohioguy.
>
> How much time did the whole re-fi process take?
> -Dan

It was a grand total of about 3 and a half weeks from when we
initially did the paperwork and when we finished. On my part, I did
about 2 hours of paperwork & info gathering up front, and then my wife
and I spent about half an hour in the bank signing papers. It was
definitely worth it. The bank even made a point to show us the
statement where they have no intention of selling our loan. I like the
thought that everything is local.