In September 2010, Anya met with her banker to collapse her home equity credit line (HELOC) and roll it into a refinanced fixed low-rate mortgage.
She explained she wasn’t getting ahead because it was too easy to dip into the credit line. “But, you’ll be thankful for it when it comes time to renovate,” the bank responded.
Frustrated that they were encouraging her to carry revolving credit, Anya contacted an independent mortgage broker who consolidated her credit line and secured a low-interest, fixed-rate five-year mortgage resulting in savings of over $6,000. She’ll be mortgage-free in ten years.
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