11-13-2012, 04:01 PM
YIPPEE SKIPPIE!
just got off the phone with Chase. they are pretty sure my HELOC bank will cooperate with the rate reduction process. the new loan would be a 20 YEAR loan at 4.125%. the required monthly payment would be slightly higher than i'm paying now but still less than what i have been paying since i've been steadily chipping away at the principal. i could either continue doing that or start putting more money into the HELOC.
though this doesn't affect the actual money in my pocket right now, long term it saves me money and psychologically i would feel so much better with my interest rate lowered in recognition of good financial behavior.
just got off the phone with Chase. they are pretty sure my HELOC bank will cooperate with the rate reduction process. the new loan would be a 20 YEAR loan at 4.125%. the required monthly payment would be slightly higher than i'm paying now but still less than what i have been paying since i've been steadily chipping away at the principal. i could either continue doing that or start putting more money into the HELOC.
though this doesn't affect the actual money in my pocket right now, long term it saves me money and psychologically i would feel so much better with my interest rate lowered in recognition of good financial behavior.