$27K loan we now need to pay back

[tripods68]

Yeah, I understand. I was just thinking that the overall numbers wouldn't add up to savings and it would just be better to pay more. But right now I just wan that extra amount to go away.

And we have college coming up for my middle child in 2 years......

But on a positive note, I think my interview went well yesterday, so maybe I will get a job and that will help too.

Hope you get it....good luck!

[Petunia 100]

Maybe. I would want to strip my cabinets back to their original oak and refinish them. We painted them white. I hate it. I LOVED the oak look, I don't care how 90s it is. The paint job isn't even a good one. It is chipping and yuck.

The cabinets really needed replacing, or I should say, I WANTED to replace them, but the realtor said, "Eh, just give them a fresh coat of paint and slap on new countertops." So we did. And new flooring, so the cabinets really can't be replaced at this point without destroying the countertop and part of the flooring.

I hate, hate, hate them.

Have you priced refacing the cabinets? It's worth a look.

I hear you; I like my dated oak cabinets too.

[LivingAlmostLarge]

was that a 15 year fixed for 2.37%?

[dawnwes]

was that a 15 year fixed for 2.37%?

Yes it is.

[dawnwes]

Have you priced refacing the cabinets? It's worth a look.

I hear you; I like my dated oak cabinets too.

No, I haven't. It cost like $2000 to get the bad paint job!

[LivingAlmostLarge]

How much is it to strip the cabinets?

[dawnwes]

How much is it to strip the cabinets?

No idea. I would need them retained too.

[LivingAlmostLarge]

Did you already spend all of the HE loan?

[dawnwes]

Did you already spend all of the HE loan?

No, it is a $50K line of credit. We took out $27K and yes, that portion is spent.

[sv2007]

We were fixing up the house to sell and took out a home equity line.

Just so I don't get reamed, our house is roughly 65% paid for. We have 12 years left on our loan, 2.37%.

We really don't want to refinance, but we have decided not to move for several reasons, including financial ones.

Now we have to pay it back.

This is more of a "crud" vent than a request for advice.

Loan is at 3%.

At this time we have decided to throw $500/mo at it and pay it off over a couple of years.

Since you are selling your house, wouldn't the $ from the house pay for whatever you borrowed from the home equity line?

[dawnwes]

Since you are selling your house, wouldn't the $ from the house pay for whatever you borrowed from the home equity line?

That was the original thinking. But we are strongly considering NOT selling anymore. So, now we need to pay it back.

[sv2007]

That was the original thinking. But we are strongly considering NOT selling anymore. So, now we need to pay it back.

I see.

Your line is going to have an adjustable rate tied to prime, so that's the danger. But since you plan to pay it off in 2 years, it's not too big a deal given the way the Global economy (and our own) is doing at the moment. I.e. My guess is that rates are going to stay low for the next 2 years.

3% is pretty cheap cash historically speaking. So if you are going to do borrowing, it's not bad.

[dawnwes]

I see.

Your line is going to have an adjustable rate tied to prime, so that's the danger. But since you plan to pay it off in 2 years, it's not too big a deal given the way the Global economy (and our own) is doing at the moment. I.e. My guess is that rates are going to stay low for the next 2 years.

3% is pretty cheap cash historically speaking. So if you are going to do borrowing, it's not bad.

If I get a job, it will be 2 years. If I don't, we will prob need to take 4. But either way, we don't plan to do a 20 year loan.

I am really just hoping I can get a job soon.

[snafu]

If the paint has already begun to chip, I hope you'll insist the painter return and fix the problem. Either the surface was not properly prepared or he used a poor quality paint with insufficient titanium. If he declines, I'd counter with every electronic means beginning with local FB, BBB, and make sure he understands that dissatisfied customers tell everyone who will listen about their ghastly experience.

I know a clever painter can replicate a wood 'look' withow. the right color of undercoat and a 'rocker' tool. It's popular to have painted lower cabinets and different upper cabinets just now

[dawnwes]

We were fixing up the house to sell and took out a home equity line.

Just so I don't get reamed, our house is roughly 65% paid for. We have 12 years left on our loan, 2.37%.

We really don't want to refinance, but we have decided not to move for several reasons, including financial ones.

Now we have to pay it back.

This is more of a "crud" vent than a request for advice.

Loan is at 3%.

At this time we have decided to throw $500/mo at it and pay it off over a couple of years.

CORRECTION!

Our interest rate is 2.6%.

I now remember where I got the 2.37%. We would have had to pay a point or something and we did the math and it wasn't worth it. The 2.6% was with 0 points paid and $0 for the refi, other than the $400 inspection.

And yes, the refi really was $0, there wasn't anything rolled into the loan.