Recently, while outdoors on the one sunny day we had (hahaha – where is Spring?) my husband and I noticed that our roof needed some TLC after a hard winter. Inside the house, we noted some painted walls in a few of the rooms including the bathroom was beginning to show signs of wear. Ah, the bliss of home ownership, right? For many people, a home is the largest investment they’ll ever make and keeping it in good shape is a wise idea.
Yes, I work for New Dimensions Federal Credit Union, but I am also a member. When it comes to the available products and services, I do my homework just like you do. So, I scheduled an appointment with Jennifer King, our Mortgage Loan Officer, in our Waterville branch to ask about home equity loans and refinance options. After work, my husband and I sat down with Jen to talk to her about our growing list of home projects that we needed to accomplish. There were plenty of “wants,” too but we will discuss that in a bit. Jen took the time to explain all our options and answer every one of our questions – let’s just say she REALLY earned her pay for that hour! She calculated payments on every option and potential savings for all scenarios. After a couple days of discussion and more research at home, we decided that our best option was a Home Equity Line of Credit. We opted for this type of loan because it gave us the most flexibility. As we complete projects, we can advance money from the line of credit and as we pay it down, we can use the loan for future home improvements (Hint: backyard deck and hot tub. Hey, a girl can dream, right?)
Other than home improvements, home equity loans or lines of credit can be used for education costs, unexpected emergencies, large purchases, or to pay off higher interest debt. Of course, I am going to recommend that you NEVER rely solely on loans for any of these options. Maintaining a healthy saving account for emergencies or saving money to purchase a large item is always sound financial practices.
So, how’s your home looking this Spring? If your largest investment could use a makeover, I encourage you to call one of our Mortgage Loan Officers:
Jennifer King or Lisa Violette at our Waterville Branch – 872-2771
Stephanie Lachance at our Skowhegan Branch – 474-2254
Sara Bangs -Fifield at our Augusta Branch – 430-0779
We are here to help you realize all your financial goals and dreams!
Until next time ~