Foreign Mortgages – Ours: Approved. Yea!

Today is a banner day. I just got word that our mortgage refinance application was approved. Oh, man, that rocks!

…so, now we only owe two and a half million. Thankfully, that’s not dollars, but in Czech crowns. In fact, I’m real thankful that’s not in dollars, since I’d be jumping out of a window if I owed anybody a million dollars, let alone two mill.

(Of course, a couple million crowns ain’t exactly peanuts either, which is why I have a mortgage.)

You may be asking “Why do you have a mortgage? Why refinance when you should just sell it? Aren’t you moving in like…10 days?”

Why do you have a mortgage?
You’re joking right? Or else you’re extremely rich? In either case, I’m not.
We have a mortgage because we’re not wealthy enough to own our place. Downtown Prague is not cheap. Well, it’s cheaper than say, New York, London, Moscow or Rome, but hey…I can’t buy on 5th avenue either.

Why refinance when you should just sell it?
We bought our flat 3 years ago and I don’t believe flipping our property is the smartest thing for us now.

Aren’t you moving in like…10 days?
Well, yes, we are moving in …10 days. But we did buy our apartment. —It hurts me to say that. No, it doesn’t hurt to say we bought, it hurts to call it an “apartment” after getting used to calling it a flat for the last couple years.

Got any questions? Throw your wonders in the comments – I’ll answer. No, I’m not shy about revealing our finances. Well, to a point, but give me a try.

Don't Ask Me What This Says...

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An American who likes to move around.
I now live on the eastern Canadian seaboard. My job? A stay-at-home dad for two cute but demanding bosses. My wife? Also cute; not so demanding.
My wife and I both love travel. We met in South Korea, travelled across Australia, India, Europe and beyond. We lived in Czech Republic for four years. Many stories to tell and experience to share. If you let me, I will help you travel as we do.