Good day. My wife and I have been super responsible with our finances and figure that we need to scale back a little. We are saving around $5000-6000/mo and that’s just too much. We decided that we want to divert a little bit of that money towards building a backyard oasis that will allow us to build memories. What I’m looking at will cost me around $60-75,000. My credit union will do 4 years at 2.85% as a second. I understand that we can sock away money to pay cash, but by then, our oldest would have graduated. We are debt averse, but I think that this would be worth it.
Here are our stats:
9 years, 10 months left
0.125%, 15 year mortgage
$215,000 original balance
$138,990 current balance
$265,000 home value
I’m not trying to build this oasis to build value because it won’t give us back the financial return. We have 14 years until retirement and plan to stay here at least that long. So this really is intrinsically motivated.
As far as I’m aware naca counsels people only for bank of america to issue a mortgage loan to non-home owners and current home owners who looking to move from one house to another. I do not think counseling for home improvement is in the cards unless the home improvement is part of a home you are trying to buy as your new primary residence.
I don’t view it as being blocked, I view it as the option will not exist. Naca is a consumer advocacy group certified by HUD to provide pre mortgage counselling and pre foreclosure counselling. They are not allowed to provide other services that I am aware of.