I went to Marshall & Ilsley to talk to our banker. The interest rate on our remaining house loan is 5.5% and the rate on our home equity line is at Prime, 7.25% I think.
I told her what we’re doing and about how much we’ll be putting on our line. I will want to lock that new loan in at some interest rate – either combining it with our existing note or having a separate one.
If we combine the two, we lose the low rate on the existing but get a lower rate on the new quantity. Or, we keep what we have and take the higher rate on the new amount.
That’s not a decision. The math will work out the way it will work out. The color of the granite is a much tougher problem to solve.
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