Bank Excursion
I spent most of this morning at the bank. My primary mission was to take my variable rate Home Equity loan and create a fixed-rate sub loan for it so I don’t continue to get dinged as rates go up. My secondary mission was to register for the free safe deposit box that is supposed to come with our Gold savings account. The secondary mission was accomplished with dispatch. I got to see the cool vault room and play with a hand scanning device.
The primary mission was a little more complicated. I sat down at the loan consultant’s desk and explained what I wanted. He responded by laying out an array of money-borrowing options for me to consider. The one that looked the best was to roll the debt into a new 10 year mortgage. I called Howard and he agreed that it looked best. So I sat down to get the paperwork rolling. Then the loan consultant said “Alright we’ll need to do a credit check, and your property tax statement, and get some income verification.” The credit check isn’t a problem. I have the property tax statement filed. But any lender who looks at our apparent monthly income is going to laugh and refuse to loan us money. I explained this to the loan consultant who hemmed and hmmmed and tried to convince me that I should go through the rigamarole anyway because they MIGHT lend me money.
Let me see, annoying paperwork and credit check with accompanying hassle followed by a refusal to lend money, OR fill out and sign a single page form to get the sub loan I came in for in the first place… I walked out of there with the sub loan.
I much prefer juggling money to juggling debt. But at least I’m being able to see this debt get smaller with each juggling pass. In less than 10 years there won’t be any debt left to juggle.