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10-23-2007, 07:06 PM
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#61
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2007
Location: Independence
Posts: 7,271
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Quote:
Originally Posted by jazz4cash
Gosh.....I funded my CD with leftover money from the 5.99% home equity loan Pen Fed funded in June......I was just trying to figure out what to do with these extra funds which arn't needed until two years from now (kids tuition) when the board advised me of this offer.
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Thought those were 3 year CDs? you going to take a big hit breaking them for kid's tuition in 2 years? or have the first year tuition all banked already?
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10-24-2007, 08:00 PM
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#62
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2004
Location: Laurel, MD
Posts: 8,304
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Quote:
Originally Posted by calmloki
Thought those were 3 year CDs? you going to take a big hit breaking them for kid's tuition in 2 years? or have the first year tuition all banked already?
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Yeah...they are 3yr. I had to rationalize the extra year. Not sure how I'll cover that.....something will come along. It seems the penalty is 6 months dividend, so it's not too harsh if I go at least 2.5 yrs, but I'm thinking more of a low rate credit card loan or 401k loan. I have 1 kid in college now and will have two in college at the same time in 2009-2011, so thats the timeframe when the double tuition hits.
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10-25-2007, 04:35 AM
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#63
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Thinks s/he gets paid by the post
Join Date: Jun 2006
Location: Central, Ohio, USA
Posts: 2,635
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You can always get a CD Loan. PFCU will loan you 90% of the value of the CD and the interest rate will be 2% over the APR you are now getting on the CD. Payments are optional during the term of the loan. Try that with a Bank CD!
__________________
Vietnam Veteran, CW4 USA, Retired 1979
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10-25-2007, 06:55 PM
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#64
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2004
Location: Laurel, MD
Posts: 8,304
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Quote:
Originally Posted by R Wood
You can always get a CD Loan. PFCU will loan you 90% of the value of the CD and the interest rate will be 2% over the APR you are now getting on the CD. Payments are optional during the term of the loan. Try that with a Bank CD!
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Oh yeah....I forgot about that option....it sounds very good....THANKS!
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10-25-2007, 07:46 PM
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#65
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Dec 2003
Location: Losing my whump
Posts: 22,708
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Now we need to look for some .2% penfed cd's to get a nice 2.2% loan...
__________________
Be fearful when others are greedy, and greedy when others are fearful. Just another form of "buy low, sell high" for those who have trouble with things. This rule is not universal. Do not buy a 1973 Pinto because everyone else is afraid of it.
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10-26-2007, 04:07 AM
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#66
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Thinks s/he gets paid by the post
Join Date: Jun 2006
Location: Central, Ohio, USA
Posts: 2,635
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I just got one the other day (to purchase a 6% CD). The rate is 6.16% since the CD that backs the loan was an older one for 4.16%. The way I figured it a 6% APY on an increasing balance versus a 6.16% rate on a decreasing balance was the better option. BTW no payments are required on the loan but I will pay it down at anyways.
__________________
Vietnam Veteran, CW4 USA, Retired 1979
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