I hit my first hurdle in my refinancing process.
Half of my annual tax payment is due at the end of September, the other half is due at the end of December. I don’t escrow my taxes, so when the bill showed up, I logged in to the online account and scheduled my payment for September 25. Easy enough, right?
Well, apparently, I can’t have any outstanding tax bills to close on the refinance. And the closing is scheduled for before September 25. And I can’t cancel the payment.
My mortgage broker can’t tell me if I have to have the full amount paid before closing or just the part due at the end of the month (I fear it’s going to be the full amount). If it’s not the full amount, I can just pay the second half immediately, so that when the September 25 payment hits, it will mean that I have made two payments and the bill is paid in full. If it is the full amount, I may have to pay half immediately and give the other half to the mortgage company and they will reimburse it when my account reflects as paid (I strongly dislike this plan).
I’m hoping that because they can see online that the payment is scheduled and can’t be canceled that it will be enough. Of course, that doesn’t guarantee that my account has the funds in it, etc. So the odds are not good. You’d think that someone with my credit history and bill paying record shouldn’t have this kind of problem.
All in all, a small hurdle. Just a frustrating one.
Megan is a 40-something government employee in the Washington, DC area. She got interested in Personal Finance when she got out of college and realized that her paycheck wasn’t going to go as far as she had hoped. Since starting this blog, she has managed to buy a house and make a solid start on her retirement goals, and hopes to help others do the same. Here is her story:
In 2007, I was a gainfully employed 20-something with no debt but not a lot of knowledge about personal finance. It was a co-worker’s comment about Roth IRAs that sent me to the internet, searching for information. It was then that I realized that I really didn’t know a whole lot about personal finance and that my current financial situation was due a lot to inherent frugal tendencies, generous family members, a fear of debt, and good luck. While that was working for me, clearly I needed a better plan.
While I had no debt, I was also pretty much living paycheck to paycheck and not worrying about going over budget (I say this as if I had a real budget) because I had an emergency fund set aside to cover any overages.
Except that’s not what an emergency fund is for.
So I did a lot of research, read a lot of blogs, and decided that I needed a plan. I needed to budget. I needed to know what I was spending my money on. I needed to prepare for the future.
I decided to create a blog not only to make myself accountable to others but also to share the knowledge that I gained along the way. I’ve learned so much from my fellow bloggers, and I hope that my readers can find something useful in what I have to share as well.