Mortgage & HELOC finally done!
Find a Conversation
| Thu, 07-14-2005 - 2:54pm |
Not "done with," but "done," as in, we own a house and have a mortgage and HELOC. We bought our house 8 days ago and closed on the HELOC this week. I am a homeowner with the money to improve my home, starting with a new roof next week!
I thought briefly about using some of the HELOC to pay off some of our credit card debt, but decided I don't want to use our home that way. I have a plan to pay off the unsecured debt, and I've paid down $9000 in the past year with it, why risk our home on it when it is working so well? We're better off taking one thing at a time - use the HELOC for things that are related to the house and stick with paying off the CC debt as planned and (with the raise I'll be getting in the fall) hopefully getting ahead on the plan. Our DMP calls for a 5-year repayment - I am hoping for no more than 4 years. Then we will work on paying off the HELOC within the next 1-2 years.
Kelly

congrats on the house.
mym
Congratulations, Kelly! I know that you have looked forward to this moment for a long time.
Lisa