Took out loan for basement repairs

iVillage Member
Registered: 07-26-1997
Took out loan for basement repairs
4
Wed, 07-07-2010 - 12:17pm
I knew we had to do something with the basement this year. So I check into some loans. See what we could get. I call around. Associated bank has the loan on our house. We have a credit union for our regular banking. Then still another credit union has the car loan. Our regular credit union calls. We go talk to them on Monday. They're game plan is take up the car payment and add what we need in basement repair money. There will be extra money. Which will cover a medical bill. Payment will only be 36$ more than our car payment is alone. Dh and I said hey that's in our budget. It's a 7yr loan. No penalties if you pay it off early. Interest rate 6.2. When we talked to Associated Bank. Their deal didn't sound so good. They wanted to do a loan with the ARM. I said no ARM. Don't put that in front of my face. Guy say Oh you have experience with them. Yeah. I want a fixed rate loan. Then he goes on well this and that. After about 15 minutes of talking. I tell him I'm going with the deal at the credit union. It seems a lot better deal for us. Hopefully we close by next Monday on the loan. Then by law 3 days after they can issue out the money. We had no choice on this one. Basement has to be fixed. I didn't want to stretch the budget to far.

 

Avatar for monkeesmom
iVillage Member
Registered: 03-27-2003
Wed, 07-07-2010 - 1:33pm
We always go to the credit union for any loan, I think you made the right choice. Good luck with the basement - you have to do what you have to do!





 

iVillage Member
Registered: 07-26-1997
Wed, 07-07-2010 - 2:16pm
I think credit unions are more for the people. They even offer better interest rates on your accounts. Banks are only out to make money for themselves. There is only 29,000$ left on the house. The bank wasn't even going to take up the car payment in all this. Sort of a consolidation thing. It's now a home equity loan. So we can claim interest paid on the loan on our taxes. Just like we do our regular mortgage payment. Payments would be like 256$ a month. Our car payment alone was 214$. We were never allowed to claim interest on the car loan before.

 

iVillage Member
Registered: 01-15-2007
Wed, 07-07-2010 - 8:34pm

Carol,

This is a GOOD deal! They basically wrapped your car into a home equity line of credit, which is a nice secure loan. I am glad you went with the credit union. It sounds like they were nice, and helpful!

Good luck with the basement repair!

Suz, Proud Single Mother By Choice to three beautiful children:

Suz, Proud Single Mother By Choice to three beautiful children:  a sweet daughter (born 12.04) and adorable twin sons (born 3.08)

iVillage Member
Registered: 07-26-1997
Thu, 07-08-2010 - 12:20pm
Now I hope all the rest of the paperwork etc. goes quickly. I just want to get the basement fixed before summer is up. It seems like everyone thinks we have an unlimited check book. Now I will owe the dentist on Dh. He needs a couple teeth fixed.