After closely reviewing our remaining debt, we realized that we were paying way too high of an interest rate on one of my student loans and the current mortgage interest rate was substantially less than we were currently paying. After meeting with our bank and spending some time in prayer and crunching numbers, we determined that a refinance would be a huge positive in our finances. In this refinance process, we took out an extra $10,000 to pay off my smallest but highest interest student loan.
As we make a $10,000 payment on Wednesday to payoff this student loan, that means we are one step closer to our goal of being debt free other than our house!!
This is such an exciting step in our lives and I know this hurdle will spur us on to continue with this long and tedious process!! As we look forward to the rest of 2014, I pray that we are able to make progress on the remaining $14,000 in order to be another step closer to our dream of adopting a child debt free! :-)