...that won't be possible for everyone, but, we had a house with about 35% of the original mortgage still owned. The credit was in good standing and there were no other liens. We don't do the 'borrow every dollar of equity thing.'
What we did was to take a "Home Equity Loan" out with the Federal Credit Union. We paid off the mortgage and the title will be coming to us. The Home Equity Loan did not have any closing costs and the interest rate was lower than the original mortgage rate. It was the easiest thing we ever did. We didn't want to have a mortgage with BOA anymore and the credit unions made is simple to change and it didn't cost us a dime. As a matter of fact, we saved money.
Don't be afraid to consider other options. There are pleasant surprises out there. Talk to the investment managers at these Federal Credit Unions, they are very interesting people.
What we did was to take a "Home Equity Loan" out with the Federal Credit Union. We paid off the mortgage and the title will be coming to us. The Home Equity Loan did not have any closing costs and the interest rate was lower than the original mortgage rate. It was the easiest thing we ever did. We didn't want to have a mortgage with BOA anymore and the credit unions made is simple to change and it didn't cost us a dime. As a matter of fact, we saved money.
Don't be afraid to consider other options. There are pleasant surprises out there. Talk to the investment managers at these Federal Credit Unions, they are very interesting people.
