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Learning, Sharing, and Teaching => Ask a Mustachian => Topic started by: Zoe on October 18, 2014, 08:16:27 AM

Title: Heat Source Refinanace
Post by: Zoe on October 18, 2014, 08:16:27 AM
Okay, we are currently owner financed. $60K at 8%. For us to get refinanced, the main issue we need to fix is getting a fixed heat source. I called a reputable HVAC company a couple days ago and had them come out yesterday to give me a quote.

Refinancing would drop our payment over $100/month.

14 seer, 2.5 ton package (heat & a/c), removing all old duct work and old furnace, and moving a few vents, and optional UV light.....

$8,330. Ouch. Only $895 is the UV light (which I think we do want).

$8,330 is just not doable right now. Even if we, ugh, financed it. While I'm still job searching our budget isn't very flexible. There is some wiggle room for unexpected expenses, but not enough to handle a loan payment.

I'm going to talk to a couple banks/mortgage brokers and see what exactly is considered a fixed heat source. I was told once that a wall mounted propane heater counted. So, if that counts, then shouldn't a wood stove count? That would cost us considerably less (assuming the flue/chimney is in decent condition. And we would get it inspected, of course) and allow us to start saving for a central heat & a/c unit.
Title: Re: Heat Source Refinanace
Post by: Rural on October 18, 2014, 08:40:48 AM
Ask about wall mount heat pumps, too. Most can actually go through a window as well, but if they hear "heat pump" they know what you're talking about and sometimes that's enough. Got us our certificate of occupancy, though to be fair, my husband's solar heat gain calculations might have done the trick alone - the head our our permitting office can do math and is happy when people have solid plans.
Title: Re: Heat Source Refinanace
Post by: forummm on October 18, 2014, 05:52:20 PM
Get several quotes. I've had quotes for HVAC work be $1k different.
Title: Re: Heat Source Refinanace
Post by: Zoe on October 18, 2014, 07:07:02 PM
Rural, you're a wealth of information! I always look forward to your posts! I'll check into the wall mount heat pump.

And, I plan on getting several quotes. I just know this company has a great reputation.