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Paid off HELOC! New Mom Loan!

May 9th, 2016 at 06:09 pm

Well we just paid my Mom Loan off last month which put us down to the Appliances Loan ($2K), Store Loan(12K), HELOC ($28K), and then 3 mortgages ($87K, $156K and $254K) (2 rentals and our primary home). We pulled money out of savings last week and paid off the Appliances! YEAH!!!!

We were deciding what to do next as the rest of the debts are quite large amounts. I was talking with my Mom about our options and what we were thinking for our next move towards eliminating this debt....and she offered...again....to loan us money at a low interest rate! This will help us to have the lower interest rate, and help my Mom by providing her a little bit of side income.

Sweet!

So she loaned us $28K at 2% interest for 4 years. Our payments will be $600 per month. I think we can pay it off early again like we did last time, I am thinking 2 years would be a good goal. MO went to the bank today and paid off the HELOC, which was at 3.5% so we will be seeing a little savings in interest overall.

Feels so good to have that HELOC paid off, even if it is just "moved". Smile Now time to attack savings!

2 Responses to “Paid off HELOC! New Mom Loan!”

  1. ceejay74 Says:

    Very nice! Sounds like a win-win, especially since you've already proven to her that you can pay off debts promptly.

  2. CB in the City Says:

    I did that with my cousin when I bought my car in 2001. She paid cash for the car, and I paid her back with interest that was lower than I could get at the time. It was a win for both of us.

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