I started to investigate about the options available by refinancing my house. I consulted a personal banker from the bank where I had my mortgage payment; I discovered that I had $60,000 in equity. So I started the process with a personal banker from the bank where I had my mortgage. My goal was to lower my interest rate from 4.8% to 3.8%. In addition I wanted to change my FHA loan to a conventional loan so I did not have to pay the insurance required by the FHA loan. Lastly, I wanted to withdraw $12,000 to pay some of my credit cards debt. Financial management requires critical thinking and discipline action (Goldsmith,
I started to investigate about the options available by refinancing my house. I consulted a personal banker from the bank where I had my mortgage payment; I discovered that I had $60,000 in equity. So I started the process with a personal banker from the bank where I had my mortgage. My goal was to lower my interest rate from 4.8% to 3.8%. In addition I wanted to change my FHA loan to a conventional loan so I did not have to pay the insurance required by the FHA loan. Lastly, I wanted to withdraw $12,000 to pay some of my credit cards debt. Financial management requires critical thinking and discipline action (Goldsmith,