Need Advice

questions · #1 (**permalink**) 01-18-2007, 03:37 PM

My boyfriend and I currently were trying to refinance because our current mortgage rate is incredibly high. It is on two different loans because I am the only person on the loan. They couldn't add him because he has no credit, he pays cash for everything. We are having a hard time getting him credit, so we have to continue paying almost 1880/month in mortgage payments. I make only $2000 a month which comes out to be 500 a week. He gets almost $3500 a month. He pays $1400 towards mortgage and I pay $480 a month. I also have other bills I pay for which is my car payment, utilities, cell phone, a credit card and a med prescription. It seems like we have no room to save money. I have tried putting money away but it seems like I can't because I need it for a bill. We want to get married but have no money for it because we can't refinance until he gets credit. I am just asking what kind of tips and advice you may have for us. We are new in home buying and bills we are in our early-mid 20's.

disneysteve · #2 (**permalink**) 01-18-2007, 03:59 PM

A few questions:

Is the income you list gross or net?

Is the $1,880 just mortgage or does it include taxes and insurance?

Tell us about the credit card bill you mentioned.

Broken Arrow · #3 (**permalink**) 01-18-2007, 05:03 PM

Hmm... sounds like another couple trying to bite off more than they could chew....

I mean no offense saying that, but you may want to at least consider perhaps downsizing your lifestyle and possibly anything that you can cut out for now.

As for credit, if you trust him enough, you can put him on your credit card as an authorized user. Better yet, he can get a secured loan from a bank, or similarly, a secured credit card, and paying them off on time. It won't happen overnight, but it will get him well on his way.