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    #16
    If you decide you want to remain in the house until retirement...mortgage loans offer best interest rates. Don't plan on super low rate as your credit rating will affect the rate you get.

    Christmas is coming and I hope you can make it clear that 'gran' needs to look after some financial issues. Your DKs and DGKs need to understand that holiday spending will be restricted. Plan to make cookies or crafts rather than buy/spend/debt. The holidays are not the time to cave to the all too powerful marketing machine who suggest love can be measured by sums spent.

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      #17
      You said you were slowly paying for repairs. What repairs are needed at this time? What/how much are NEEDED new roof, siding and how much are wanted (painting, new carpet etc).

      I would maybe see what kind of interest rate you could get on a loan; if it is less than 13% get for 34K and have it be a LOW Term Loan 5-7 years. This will free up some wiggle money for repairs in your budget.

      You say your credit is bad...What is your score?

      If you can't get a loan that is lower than what you are currently paying, just start paying off that debt and then try again once you have made some progress.

      If you can't do anything but pay off the debts at there current level, I would put all your extra funds into pay off the debts in the following order:
      #1 CC-29%-2k
      #2 Loan-25%-6K
      #3 Tax-25%-20K
      #4 Car-13%-6K
      #5 Save for House Repairs

      If you can reduce spending to make it go faster I suggest:

      oPhone - $100 (is this land line and cell phone? Maybe drop the landline or if all cell phone reduce your plan or go pre-paid) I pay $30 per month for 1,000 text, 1,000min and 1MB web, I could get unlimited for $45.
      oCable - $100 (is this internet also?, I would drop the cable and IF you had to have TV just get Netflix streaming.)
      odog groomer - $60 (Could you learn to do this yourself?)
      olawncare - $100 (Maybe shop around or learn to do this yourself)
      ocar ins - $120 (Call for quotes, see if there are any discounts you could be getting that you are not currently getting)
      ohouse ins - $80 (could this be buddled with car ins for a discount?)
      oclothing - $100 (Why so high??? Maybe try to make due with what you have until your debts are paid off)

      You could possibly reduce this by $500 a month so you would have a much faster payoff.

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        #18
        Property is generally among the first assets people acquire. But, compared to other assets like, say, stocks, it's relatively illiquid, and poses a bit of a problem when you need quick cash. However, many financial institutions now offer loans against property. So, when Anant Kumar, an engineer with a well-known company, needed a personal loan of Rs 10 lakh urgently, he decided to mortgage his flat for a bank loan.
        But to his surprise, the bank asked him for proof of income. "If I am mortgaging my house worth Rs 65 lakh, why am I being asked for income proof for a loan of Rs 10 lakh only?" was his perplexed query.
        The answer lies in the illiquid nature of property. It's not easy for the bank to sell Kumar's house to recover the loan, if he defaults. As property is not a standard product, its price may vary from area to area and with time. Also, banks will not find it easy to evict existing occupants from the house to sell it.
        Therefore, banks prefer that you pay back the loan from your income stream and not by selling the security -- that is, the house. Thus, you need to submit your income proof when applying for loan against property.

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