February 26th, 2008 - The HEL is paid OFF!
Just 15 months ago, I told you we planned to pay off our home equity loan in just 3 years. I paid it off today! I’m not sure when we actually got it, but I think it was about November 06, which means we paid it off in 15 months. WOW.
As you know, I intended to pay it off this summer, then in April or May. So why here in February? We had our first homestudy visit yesterday. Found out things can go a bit faster. A) We only have to have 2 visits, not the 4 I expected. and B) it doesn’t matter because our resume can go in their file before the homestudy is finished. It’s to our advantage to get it in ASAP because they currently have only 10 families waiting. If we’d known before and had gotten the resume papers to fill out, we could have given it to her yesterday and been on file today, I bet.
We intend to have the resume ready to go in 2 weeks when we see Elayne for our last visit. That means we have to get going on the HELOC. Thank goodness for the slush money I keep around, plus our emergency fund. We have some large bills coming up (like the trip out East and taxes) but we have enough money to pay for them even if they were due today as well.
Unfortunately, the credit union doesn’t offer HELOCs, so I have to figure out where to go for that. Do I go with ING, where we have savings/checkings/mortgage? Or a local bank I have no relationship with? And when with the HEL come off the credit report so that it’s clear I’m not getting a third mortgage? I thought I have 6 weeks or more to figure these things out….