We are in the middle of refinancing our house in order to pay for infertility treatment. Our infertility center is now offering a program where you pay $20,000 and they give you two years of infertility treatments (you still have to pay for the $3,000/try medications!).
If you get pregnant and have a healthy baby then you don't get your money back. But if you do not get pregnant in the two year period then you get $20,000 back. It's a pretty risky program for both sides. But we figured we've put almost double into trying to have a baby and so what's another $20,000.
At least if it doesn't work this time...we get our money back and it won't be as devastating.
Friday we went to the bank and talked to the bank manager about a second mortgage our house. They can give us a great rate of 5.25% plus include all closing costs. We figure we'd do a 5 year loan and we would have payments of around $380. They looked at all of our bank accounts and we have to upgrade to a premier checking account in order to do the refinance. Basically the difference is that you have to keep $500 in the account at all times.
One thing that we really wanted to understand was loan penalties. If we were to pay off our loan in a shorter term that was noted would we be penalized?
Also, I wanted to know if the recent interest rise would affect our mortgage rate!
NationsFinance.co.uk offer some great financial information and articles and they also offer an online search engine for credit cards, loans, mortgages, banking, and insurance.
This post sponsored by: Nationsfinance.co.uk
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