Wachovia Bank - will do something called a mini-mortgage for 7.99% at no closing cost.. The rate was NOT negotiable. .. the payment for a 42,000 MM would be $399 for 15 years.. and of course we would have to pay our own taxes and insurance. The lady at Wachovia.. seemed really more interested in wanting to sell me a home equity line of up to 29.5K at a prime/variable starting at todays rate of 4.7 with a maximum of 18% CAP .. (trade my CC debt on my home, NO NO) I had to come home then as the 13 yr old is ill.. So this afternoon.. I call SUE at Bank of America. Who was really sweet and sort of layed back. I really sent her for a loop.. when I asked can I take a home equity line to pay off a first mortgage. -- So here I find I might could get a Loan- not mortgage ( same as Wachovia, I guess) at a rate of 7.15% The payment on 42,K would be $390 = also 15 yrs. must again pay own taxes and insurance. This is financing closing cost of about 600 into the loan. Once I revealed the CC debt she said that our debt to income ratio's might be too high and I might HAVE to include a chunk of the CC debt into the loan. She also said I might be hurting our credit by moving balances and opening new credit lines - if done to much.. I don't think I've been excessive about it but hope it doesn't bite me now.. Do you think I should get on the phone, and start closing some accounts immediately? These figures are exact.. if not. real darn close MBNA CL 23,500 - owe $12,200 @ 9.9% CHASE CL 8200 owe $4,998 @ 6.65% V CITI BANK CL 3500 owe $2,150 @ 2.9% until 3/4/01 CHERYL'S CITI CL 2500 owe $875% @ 0% until 9/1 other accounts Bank of America CL 9300 owe 0 Capital One CL 4,000 owe 0 Cheryl's Discover CL 7500 owe 0 unless the ISP Service of $20 has posted Juniper CL 8500 owe 0 Lowes CL 5,000 owe 0 Sears CL 720 .. will owe for tires next month of $215 Today, I have recieved a letter and 3 checks from Bank of America today.. variable prime for life offer - 5% use your current credit line or increase your credit line of up to 12,000 This was the direct result of me sending them an email on December 29th. Should hubby call this in tonight or should we wait? Should you have time and are willing to reply thanks in advance
