Thursday, January 13, 2011
Some people may not realize that there are a number of kinds of mortgages other than your usual home mortgage when you bought your house. If you have good credit, the possibilities are almost endless. Our daughter wished to add a large family room onto their home and because they had good credit, they took out a home equity loan. They also found that with all the changes in interest rates that they could refinance their home to a much lower interest rate and have it paid off much sooner. Because they were faithful in their payments, they have built up considerable equity in their home and it makes it possible for them to do all kinds of changes to their home. Now they are planning a double garage and it is possible because they have good credit.