A Quick Home Finance Lesson for Me

Posted on October 26, 2007 @ 5:49 pm

Well, I just got home from the bank.  You see, I went there to talk to a banker about my mortgage

It has been nearly four years now since I bought my house and there are some things I want to do to it.  The bathroom needs some improvement as well as we were thinking of adding a garage to our home.  The housing market here has been increasing as well, so we wanted to take out some of the money out of our home.

We sat down and discussed my options.  In my case, to get the money out of my home for improvements as well as the increased value, we applied for a home equity loan.  It took a little while to fill out the papers but we got it done.

He also let me know that I had to come in next year to renew my mortgage – and I should consider doing a home refinance as the interest rates are lower now.

I thanked him for his time and he let me know he would call me when he found out about the loan.  My wife and I will be going out tonight to go look at bathroom stuff.  I can’t wait!

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