Mortgage question/help?

[greedy4chips]

Re: Mortgage question/help?

Here's my 2 cents...Some may not agree, but it worked for us when money was very tight 7 years ago after our first child.

Suggestion #1 Refinance your Expedition! Take a very well laid out budget with you and talk to the loan manager about refinancing the loan for 4 years. You must be VERY strict with the money you save in payments and always put that money towards other debts. Yes you will pay more interest over time, but if you cannot find any other areas to cut expenses, this suggestion will help...about $250/month worth! You must be disciplined or do not attempt this step. If you can, then refinance DHs truck too...this is a temporary fix and payments should be increased with every extra dime!

Suggestion #2 Can you do in home daycare? If not, try and find another parent in a similar situation and both of you get part time jobs and watch each others kids while each other works. Try the fast food world for very convenient hours to work when other children are in school.

Suggestion #3 Cancel long distance service with your phone and get a very inexpensive calling card to make long distance calls with. We pay 2.3 cents per min versus 10 cents+ per min. plus save $21 per month by cancelling the long distance service. WARNING...do not accidentally make a long distance call w/o using your calling card, 25 cents/min or more will quickly make it clear why!

Suggestion #4 Sell DHs truck...yes it is his only expense, but you do not deserve to have a $363 expense in your budget at this time. Sure he will make some money plowing snow, but honestly is he going to ever make enough to cover the truck payments, fuel, insurance and the extra stress it is causing you financially? Would waiting 1-2 years more to plow snow be so bad??

Suggestion #5 Follow previous 4 steps and in 10 years you won't need a credit score to pay off the loan. You will save $800/month in vehicles alone for 8 years is $76800 towards your balloon payment!!!! Your house could be paid for in 8 years with a little planning! You only need to find another $170/month and that is if you make no interest on this money you are saving.

I donate/sell plasma and make $200+ per month. Your DH could do it too! Take in 1 child for daycare and you can make $100/wk easily. Have your hubby buy an old lawnmower and mow lawns for extra money. Mowers cost far less than trucks and the lawns always need mowing! Learn website design and make some money from a website (I did it and anyone can!).

Good luck in your adventure! You can do it and I know you can, because I have been there!

[atatat]

Re: Mortgage question/help?

Suggestion #1 Refinance your Expedition! Take a very well laid out budget with you and talk to the loan manager about refinancing the loan for 4 years. You must be VERY strict with the money you save in payments and always put that money towards other debts. Yes you will pay more interest over time, but if you cannot find any other areas to cut expenses, this suggestion will help...about $250/month worth! You must be disciplined or do not attempt this step. If you can, then refinance DHs truck too...this is a temporary fix and payments should be increased with every extra dime!

This is what I looked into last year. I just could not justify it. I didn't want 2 car payments longer than I had to. I thought that if I could try to get atleast one car payed off (being mine since we owe $7,200) that I could take 200.00 from the $430 I did pay and add it to dh's payment and pay his off early. This would mean his truck could be paid off in less than 2 years also. Then, we would have $9120 extra a year and in 6 years have $54,720 to make a payment on our home and only have to finance $39,000. In that sense our mortgage payments would be less each month and that means even more savings??

I am no financial expert...or half the time...I have no idea what I am doing, but I laid in bed allnight last night trying to come up with something and this is all I got. I just need to really find a way to get my vehicle paid off fast! It's hard when that actual payment is my reason why I can't come up with extra....hence the "double edge sword".

I also understand your opinion on daycare........

Suggestion #2 Can you do in home daycare? If not, try and find another parent in a similar situation and both of you get part time jobs and watch each others kids while each other works. Try the fast food world for very convenient hours to work when other children are in school.

I have done this in the past, and it does help. I just really need to put my name out there and let people know I am available. Great idea!

I am really going to try to come up with an extra income, i think this is the only true way to help. Yes, it would be easy to do another "quick fix"..but in the past that is where I have regreted decissions and am now "paying" for the easy way out.

The phoine is not really an issue, I do not make long distance calls really. I pay ..5 cents a minutes and make about 5 calls a month. Living in the country, everyone is long distance..... My bill is $35.00 general fee and I pay $5.00 for the long distance plan that gives me unlimited long distance/local and with taxes/verizon fees, I pay no more than $42.00/m. Do you think this is too high? I thought it was ok. We do not have cell phones, and this is the only phone used? Just need opinion and maybe what others pay and if cheaper, how? TY

I do clean a home everyother friday(today) and I usually make $70.00 everyother week. I take that money however, and go to our local farm's meat store and buy our meat for the next 2 weeks. So, to me that saves from my grocery budget out of dh's pay leftovers. It is perfect because I can take my 3yr old with me after the older 2 leave for school. It really is a nice setup.

Ok I gotta go get my dd1 off the couch and into the shower for school.... She's a rough morning person....