Neded a mortgage but have got a fairly poor credit rating and just a small amount of cash for a deposit.but do have a well paid full time job!but do you know of anyone that can help me?How do you get a mortgage with bad credit an a small amount for a deposit?
i am in the mortgage industry... and there is NO subprime market left.... its A paper.... your only hope is fanny mae, FHA, jenny mae or freddy macHow do you get a mortgage with bad credit an a small amount for a deposit?
have you noticed that for the last year there have been 1,000's of news stories about the mortgage crisis? you cannot get a mortgage.
If you have a well paid full time job then buy your house with CASH.
It sounds like you would benefit from a FHA loan, they will go as low as 500 mid credit score and you will only need about 2.25 percent equity or cash down to do the loan. It wouldn't hurt to look at something like that.
hmm have you tried Nhbs, inc?
I got assistance from them ^__^
There is a myth out there that goes something like ';It's always best to own your own home';- well for all the people out there right now getting foreclosed on because they had bad credit and little to no deposit and couldn't qualify for a standard 30-year fixed conventional loan - they would tell you it wasn't the best thing that happened to them.
You can try FHA if you are a first time home buyer - other than that - get your bills caught up, then paid off. Save up 20% down payment and then go into the mortgage broker. The sub-prime (low credit score) loan market is all but dead right now.
Hi,
Get in Contact with CTAB near Spalding /Lincs
The person you want to speak to is Leslie
Good Luck
Gerry
You gotta build your credit up, small deposit is no problem, but you need credit
hi there are many mortgage lenders all with different criteria, so it is very possible you could get a mortgage. I work for an independant mortgage broker so if you would like some more info please email me on quotes@mukconnections.co.uk
and we can go from there
We did it. What you need is to show at least six months of bank statements showing good deposits. If you go through a money broker check out one that is focused on getting you the money. Tell us if you are in the USA. You may need to correct your credit and you can do this by putting in a request the credit reporters to
contest bad credit. If someone put in a bad report you need to fix it by contesting it. In 30 days it is gone.
Put all your money in the bank from your pay and then take it out
You need to inflate the account statements.
Wait a few years to purchase a house, fix your credit.
Getting even 1-2% smaller interest rate will save you TENS of thousands of $s in the long haul.
yes but your score needs to be a 620....with mycommunity
it's zero down
with fha you will need a 2.25% down payment.
i would try to get the seller to pay your closing costs as well
THE MAFIA
Wednesday, November 23, 2011
Relocating and need advice on moving to Puyallup, Gig Harbor. Any bank mortgage referrals?
I am relocating to the Pierce County area and or outskirts for a job promotion and looking to move to Gig Harbor or Puyallup because mostly I have heard the schools are pretty good. I would like some pro鈥檚 and cons about best places to live and why.
Also, if anyone recommends an honest realtor, bank to get a good loan, especially with the economy the way it is I would really appreciate it. Thanks!
Relocating and need advice on moving to Puyallup, Gig Harbor. Any bank mortgage referrals?
are you in washington state? if so, washington mutual is giving away money right now.Relocating and need advice on moving to Puyallup, Gig Harbor. Any bank mortgage referrals?
Best bet, go to a national mortgage lender i.e., Wells Fargo, MetLife Home Loan, no, I don't work for either one, I did not want to sound self serving.
Also, if anyone recommends an honest realtor, bank to get a good loan, especially with the economy the way it is I would really appreciate it. Thanks!
Relocating and need advice on moving to Puyallup, Gig Harbor. Any bank mortgage referrals?
are you in washington state? if so, washington mutual is giving away money right now.Relocating and need advice on moving to Puyallup, Gig Harbor. Any bank mortgage referrals?
Best bet, go to a national mortgage lender i.e., Wells Fargo, MetLife Home Loan, no, I don't work for either one, I did not want to sound self serving.
How do I get my mortgage from adjustable to fixed, especiaa\lly when I'm having a hard time paying current .?
I'm currently having a hard time paying current mortgage and my credit score has gone down since I bought my house.How do I get my mortgage from adjustable to fixed, especiaa\lly when I'm having a hard time paying current .?
Wah, take a number.How do I get my mortgage from adjustable to fixed, especiaa\lly when I'm having a hard time paying current .?
TALK to your lender and find out what your options are. Ask about loan modification and refinancing, and talk to more than one person there. The fact that you are having a difficult time paying current mortgage and that your credit score has declined since buying are Strong Negative factors making it more difficult for you to work something out. Check out these websites, and beware of the many scammers out there, these are legitmate. There is the new government program, too. But if YOU aren't willing to make good financial decisions, no one can save you from yourself.
www.hud.gov
www.homefreeusa.org
call up your mortgage company and tell them you are having a hard time paying your mortgage and they will see if you are qualified for a rate modification and that should help your payments to go down so you can manage. i did that and it works out for me.
call your bank. Tell them your problem. If they aren't receptive hang up and dial them again until you get someone who can help you.
Other than that, sometimes they wait for you to go into default before they will help you by fixing your mortgage rate.
If your bank won't convert the mortgage to fixed rate. ( B of A did convert two of mine ), then you will have to refinance the loan with a new mortgage company.
Good Luck
You can get help from the Federal Housing Administration or FHA. They can switch your mortgage to a fixed-rate term. You can visit their website http://fha.gov or check out http://mortgages-for-everyone.com
Try getting an FHA Secure loan.
you have to get a new mortgage.../mask work lip blush
Wah, take a number.How do I get my mortgage from adjustable to fixed, especiaa\lly when I'm having a hard time paying current .?
TALK to your lender and find out what your options are. Ask about loan modification and refinancing, and talk to more than one person there. The fact that you are having a difficult time paying current mortgage and that your credit score has declined since buying are Strong Negative factors making it more difficult for you to work something out. Check out these websites, and beware of the many scammers out there, these are legitmate. There is the new government program, too. But if YOU aren't willing to make good financial decisions, no one can save you from yourself.
www.hud.gov
www.homefreeusa.org
call up your mortgage company and tell them you are having a hard time paying your mortgage and they will see if you are qualified for a rate modification and that should help your payments to go down so you can manage. i did that and it works out for me.
call your bank. Tell them your problem. If they aren't receptive hang up and dial them again until you get someone who can help you.
Other than that, sometimes they wait for you to go into default before they will help you by fixing your mortgage rate.
If your bank won't convert the mortgage to fixed rate. ( B of A did convert two of mine ), then you will have to refinance the loan with a new mortgage company.
Good Luck
You can get help from the Federal Housing Administration or FHA. They can switch your mortgage to a fixed-rate term. You can visit their website http://fha.gov or check out http://mortgages-for-everyone.com
Try getting an FHA Secure loan.
you have to get a new mortgage.../
My friend signed a second mortgage for buying presents?
Would you take out a second mortgage because you didn't have enough money to buy everyone a gift?My friend signed a second mortgage for buying presents?
No, but your friend must be a very loving person. There were probably other reasons that you may not know about. The mortage rates are at an all time low right now, so the best time to do it would be now; maybe that is the other reason. He/she also probably got a lower monthly payment which will help.
Either way, your friend made the choice. Just continue to be a friend. I sold my Yahama Clavinova (piano) one year so I could have enough money to see my family. I never regretted it. We do what we have to do.My friend signed a second mortgage for buying presents?
No. I know it sounds a cliche', but Christmas really is not about the presents. Perhaps she should arrange a nice dinner and family get-together instead. Speaking from experience, Christmas can be just as enjoyable and cherishable without gifts being given.
That is insane, there is no reason to go further into debt for christmas, if she can't afford presents, then she should just do one of two things: first buy cheaper presents, or second, just cut back on the number of gifts that she gives people.
NO WAY !
People get too hung up on gifts. I find the best gives to give and receive are the small personal home made crafts or home baked goods.
No. That's crazy. She shoudn't spend that much money on presents!
Its not your money. Maybe you wouldn't do it, but she obviously has different priorities. Let her do whats important to her.
under certain circumstances..and it depends will he have the money to pay off his loan later possilbly after christmas..and how much did he take the loan out for...
No way. That's big stoopid.
If you don't have a lot of money, then make presents. Cookies or something.
unless the second one was longer, allowed you to finance for longer, or make lower payments then it probably would not help much...and in most cases payments are made on a monthly basis...so...
No, but your friend must be a very loving person. There were probably other reasons that you may not know about. The mortage rates are at an all time low right now, so the best time to do it would be now; maybe that is the other reason. He/she also probably got a lower monthly payment which will help.
Either way, your friend made the choice. Just continue to be a friend. I sold my Yahama Clavinova (piano) one year so I could have enough money to see my family. I never regretted it. We do what we have to do.My friend signed a second mortgage for buying presents?
No. I know it sounds a cliche', but Christmas really is not about the presents. Perhaps she should arrange a nice dinner and family get-together instead. Speaking from experience, Christmas can be just as enjoyable and cherishable without gifts being given.
That is insane, there is no reason to go further into debt for christmas, if she can't afford presents, then she should just do one of two things: first buy cheaper presents, or second, just cut back on the number of gifts that she gives people.
NO WAY !
People get too hung up on gifts. I find the best gives to give and receive are the small personal home made crafts or home baked goods.
No. That's crazy. She shoudn't spend that much money on presents!
Its not your money. Maybe you wouldn't do it, but she obviously has different priorities. Let her do whats important to her.
under certain circumstances..and it depends will he have the money to pay off his loan later possilbly after christmas..and how much did he take the loan out for...
No way. That's big stoopid.
If you don't have a lot of money, then make presents. Cookies or something.
unless the second one was longer, allowed you to finance for longer, or make lower payments then it probably would not help much...and in most cases payments are made on a monthly basis...so...
What are we going to do if the borrower of the house mortgage will default?
my husband is a co-signer of his family's house mortgage, his father is the co-borrower and his mom is the borrower.now his mom and dad are planning to separate and his mom decides to leave the house.what options do we have? i wanted to find another house, but my husband wanted to assume the house...please give me the best option...What are we going to do if the borrower of the house mortgage will default?
It really depends on how the deed to the house was written, and whether or not any one of you can afford to live there. Most likely, the deed is in both parents names, so when mom and dad divorce, the house will be sold (or one person will buy the other one out) and any excess money is split between the two. If neither can buy the other out, it is sold and any excess money is split between the two.
If you think you and your husband can afford the house on your own, and would want to live there, the best thing to do is to buy it from your parents, get a mortgage in just your names, and at least you won't lose lots of money to lawyers and realtors.
If you don't want the house, or can't afford it, or if there is lots of fighting going on between mom and dad and you can't reach an agreement, then time to call in the lawyers.What are we going to do if the borrower of the house mortgage will default?
Yes I would find a lawyer and fast. This is exactly why cosigning a loan is a bad idea. You get all of the bad parts of borrowing money without actually owning anything. All you own is the right to be responsible if the loan goes into default.
During the divorce process, your husband needs to be sure that the house gets refinanced or sold at a high enough price to pay off the mortgage. Otherwise, you two need to step up and make sure that the loan does not go into default. However, just don't assume the payments. Make sure you actually buy the house. Otherwise the mother and father will still be the legal owners.
The best option is the one that you can afford. If the mother leaves without paying the mortgage, your husband and his father may be able to sue her, but is that likely to happen? If you don't feel as though you can afford the extra expense, the best option is to sell the house, or at least rent it out (if you can). But family is involved here so it's not so easy. Good luck.
The best option you have is to consult with a real estate lawyer and let him go over the mortgage contract and titles deeds, etc. and go from there.
This is complicated and there are so many unknown factors in this that you should not consult with total strangers that have no idea of the exact details of this deal.
It's time to hire an attorney!
It really depends on how the deed to the house was written, and whether or not any one of you can afford to live there. Most likely, the deed is in both parents names, so when mom and dad divorce, the house will be sold (or one person will buy the other one out) and any excess money is split between the two. If neither can buy the other out, it is sold and any excess money is split between the two.
If you think you and your husband can afford the house on your own, and would want to live there, the best thing to do is to buy it from your parents, get a mortgage in just your names, and at least you won't lose lots of money to lawyers and realtors.
If you don't want the house, or can't afford it, or if there is lots of fighting going on between mom and dad and you can't reach an agreement, then time to call in the lawyers.What are we going to do if the borrower of the house mortgage will default?
Yes I would find a lawyer and fast. This is exactly why cosigning a loan is a bad idea. You get all of the bad parts of borrowing money without actually owning anything. All you own is the right to be responsible if the loan goes into default.
During the divorce process, your husband needs to be sure that the house gets refinanced or sold at a high enough price to pay off the mortgage. Otherwise, you two need to step up and make sure that the loan does not go into default. However, just don't assume the payments. Make sure you actually buy the house. Otherwise the mother and father will still be the legal owners.
The best option is the one that you can afford. If the mother leaves without paying the mortgage, your husband and his father may be able to sue her, but is that likely to happen? If you don't feel as though you can afford the extra expense, the best option is to sell the house, or at least rent it out (if you can). But family is involved here so it's not so easy. Good luck.
The best option you have is to consult with a real estate lawyer and let him go over the mortgage contract and titles deeds, etc. and go from there.
This is complicated and there are so many unknown factors in this that you should not consult with total strangers that have no idea of the exact details of this deal.
It's time to hire an attorney!
Do mortgages cause wars?
Being as they are an extension of the blood oath culture of Northern Europe, its most modern expression.Do mortgages cause wars?
Mortgages cause wars when they are turn into investment bonds by investment bankers and sold and swaps again and again for profits or to cover losses.Finally mortgages are turn to ashes when their borrowers cannot pay their repayments and their houses had to be foreclosedDo mortgages cause wars?
Normally mortgages will always cause wars. They can be long or short and various weapons may be deployeed at any time day or night causing untold damage and distruction. They seem to be safe and secure on the surface but don't let this fool you. These wars can be set off with little to no evidence of wrong doing and hold the ultimante power of family distruction. They are normally set off by lip stick, cell phone bills, credit card reciepts and working late. Use extreme caution in holding one of these with two names on it as it is by far the most dangerous!!!
I doubt you will find many people outside the finance industry who remember the origins of the mortgage; or anyone inside the finance industry who would believe there is still any connection.
Not in the United States.
Mortgages cause wars when they are turn into investment bonds by investment bankers and sold and swaps again and again for profits or to cover losses.Finally mortgages are turn to ashes when their borrowers cannot pay their repayments and their houses had to be foreclosedDo mortgages cause wars?
Normally mortgages will always cause wars. They can be long or short and various weapons may be deployeed at any time day or night causing untold damage and distruction. They seem to be safe and secure on the surface but don't let this fool you. These wars can be set off with little to no evidence of wrong doing and hold the ultimante power of family distruction. They are normally set off by lip stick, cell phone bills, credit card reciepts and working late. Use extreme caution in holding one of these with two names on it as it is by far the most dangerous!!!
I doubt you will find many people outside the finance industry who remember the origins of the mortgage; or anyone inside the finance industry who would believe there is still any connection.
Not in the United States.
Can a bank call my mortgage due for no reason?
Are most mortgages callable or non-callable. I heard after the depression there is a loaw that say mortgage are not callable unless certain parameters are broken.Can a bank call my mortgage due for no reason?
Most mortgages are not call loans.
To see why, imagine the situation that is going to emerge as interest rates continue to rise with so many ultra-low-interest fixed-rate loans outstanding (many as low as 5.25%).
If mortgages were callable without cause, banks would be foolish _not_ to call them under those circumstances - they could be getting more money by effectively forcing mortgage holders to refinance at new, higher rates.
Most mortgages are not call loans.
To see why, imagine the situation that is going to emerge as interest rates continue to rise with so many ultra-low-interest fixed-rate loans outstanding (many as low as 5.25%).
If mortgages were callable without cause, banks would be foolish _not_ to call them under those circumstances - they could be getting more money by effectively forcing mortgage holders to refinance at new, higher rates.
Does make sense to add the cost of a car to my mortgage?
I'm going to have to buy a new car and I'm trying to find the most cost effective way to do it. I was told that I should roll the price of my car into my 30 year mortgage, does that make sense to do that or is that a bad idea?Does make sense to add the cost of a car to my mortgage?
the good points:
1. lower interest rate, maybe
2. tax deductible mortgage interest
the bad:
1. you will be paying for this car long after it is dead
2. the interest amount will be large
3. bad habit to get into
if you can't afford to pay off a car during its useful life, then you should not be buying it. get a cheaper car.Does make sense to add the cost of a car to my mortgage?
Curious Guy describes home equity loans fine....but...
You say you can't afford a car? Meaning you can't afford a car payment.
You will be getting a brand new home equity loan payment instead? How you are going to pay that? You would be putting your home at risk by doing it.
As mentioned, you can't ';roll'; it into your mortgage. You can refinance the mortgage, then combine your current balance and car loan into one. It'a a good idea if your current interest rate is high, and you can find a rate a couple points lower.
But keep in mind that refinancing a home also involves some closing costs to consider. Therefore, unless you currently are paying a very high rate I don't think it's worth it.
Just gonna have to find a clunker for a couple of years.
No, you'll wind up financing the car for 30 years, 20 or so loner than you'll have it.
You can't actually roll your car into your mortgage, you need to take out a ';Equity Line of Credit'; loan against your home equity. For tax purposes you may be allowed to deduct some of your interest payments under this method - UNLESS you fall under penalty of the Alternative Minimum Tax rule. You should check with a tax advisor. With a equity line of credit you can pay it off at any time, but your interest rate typically is not fixed and thus fluctuates... note that rates are rising. You should check what deals the dealership is offering, which are based on your credit risk. Remember that you can always negotiate with the dealer on that rate, and they can adjust either the downpayment, or interest rate to get to a monthly payment that's comfortable. Make sure you compare rates based on APY, not on the rate, since APY gives you insight on the actual fully amortized rate charged, including fees associated with the rate. Last point; if you're making a trade in of your old car, this gives you tax advantages, since you reduce the taxable portion of your payment by the trade-in amount. Hope that helps.
the good points:
1. lower interest rate, maybe
2. tax deductible mortgage interest
the bad:
1. you will be paying for this car long after it is dead
2. the interest amount will be large
3. bad habit to get into
if you can't afford to pay off a car during its useful life, then you should not be buying it. get a cheaper car.Does make sense to add the cost of a car to my mortgage?
Curious Guy describes home equity loans fine....but...
You say you can't afford a car? Meaning you can't afford a car payment.
You will be getting a brand new home equity loan payment instead? How you are going to pay that? You would be putting your home at risk by doing it.
As mentioned, you can't ';roll'; it into your mortgage. You can refinance the mortgage, then combine your current balance and car loan into one. It'a a good idea if your current interest rate is high, and you can find a rate a couple points lower.
But keep in mind that refinancing a home also involves some closing costs to consider. Therefore, unless you currently are paying a very high rate I don't think it's worth it.
Just gonna have to find a clunker for a couple of years.
No, you'll wind up financing the car for 30 years, 20 or so loner than you'll have it.
You can't actually roll your car into your mortgage, you need to take out a ';Equity Line of Credit'; loan against your home equity. For tax purposes you may be allowed to deduct some of your interest payments under this method - UNLESS you fall under penalty of the Alternative Minimum Tax rule. You should check with a tax advisor. With a equity line of credit you can pay it off at any time, but your interest rate typically is not fixed and thus fluctuates... note that rates are rising. You should check what deals the dealership is offering, which are based on your credit risk. Remember that you can always negotiate with the dealer on that rate, and they can adjust either the downpayment, or interest rate to get to a monthly payment that's comfortable. Make sure you compare rates based on APY, not on the rate, since APY gives you insight on the actual fully amortized rate charged, including fees associated with the rate. Last point; if you're making a trade in of your old car, this gives you tax advantages, since you reduce the taxable portion of your payment by the trade-in amount. Hope that helps.
I have read you can save thousands of dollars by dividing a mortgage payment into two half payments per month?
Is this true? Do you need to be a payment ahead first?
ThanksI have read you can save thousands of dollars by dividing a mortgage payment into two half payments per month?
Much easier just to add a 100.00 or more to your mtg payment and mark it as extra principle. I did that a took a 15 yr mtg down to 12 years. This knocks the interest payment down considerably since it comes off early in the mtg.I have read you can save thousands of dollars by dividing a mortgage payment into two half payments per month?
Yes you can do this but you want to check with your mortgage company to make sure you don't have any prepayment penalties. yes, you have to be a month ahead to do this. It saves you money because you make an extra payment and you are saving on interest fees.mask work how to apply
ThanksI have read you can save thousands of dollars by dividing a mortgage payment into two half payments per month?
Much easier just to add a 100.00 or more to your mtg payment and mark it as extra principle. I did that a took a 15 yr mtg down to 12 years. This knocks the interest payment down considerably since it comes off early in the mtg.I have read you can save thousands of dollars by dividing a mortgage payment into two half payments per month?
Yes you can do this but you want to check with your mortgage company to make sure you don't have any prepayment penalties. yes, you have to be a month ahead to do this. It saves you money because you make an extra payment and you are saving on interest fees.
Does it ever make sense to rent out a place you own for less than the cost of the mortgage?
I own a new condo and the rent on my style of unit is going for about 1200/month and the mortgage with everything included is about 1600/month.Does it ever make sense to rent out a place you own for less than the cost of the mortgage?
I guess the only time this would make sense is if you cannot get anyone to rent it for the mortgage amount and you cannot sell it. Partial payment is better than nothing. Other than that, I can't think of why it would make sense.Does it ever make sense to rent out a place you own for less than the cost of the mortgage?
Yes it does, for a long-term investment. If you financed when interest rates were low, and you purchased with little or no money down, you'll have to wait for the rent market to catch up. If you have the money to sink monthly, just wait it out. You'll also be able to deduct taxes, depreciation and rental expenses. Sometimes people have to go out on a limb to make real estate investments. It's not always about immediate payoff.
Not a good investment. You're going to be in the hole every month. Ouch!
Not a good option. BUT if your tax deductions you are allowed save you tax dollars then it would make sense. you need to check you tax rate and see with tax wrtite offs of interest and taxes and any F%26amp;F you have in the place what the net cash outflow you have vs the rent.
While you rent i hope the property increases in value and you can also raise the rent each year.
Only if it cannot be rented out for more than the mortgage, or that you are doing remodeling on the place. The hassles involved in remodeling can be a pain so a landlord might give the tenant a break. Some times a place is only being rented out for a few months while the owners are out of the country, or doing something else, then because it is temporary and the owner is going to live in the place having a lower rent might also work. Generally you want tenants to pay more than the mortgage because that way you can put some of that money in an account to be used on fixing the place up, or a vacation for the owner.
No.
Doesnt make sense at all unless u want to keep the condo and have another place to live (for free) for the moment and need the help in paying your mortgage, but if you want to pay for your own place then makes no sense
not really. maybe if youre living in a boom town and think the value is going to shoot up in value in the next couple years, or if you really want to keep it for some reason
Uggghhh,,.,yeah...that means you'll only be making a 400 dollar payment to the bank every month...
Um, does it make sense to light cash on fire??? NO!
I guess the only time this would make sense is if you cannot get anyone to rent it for the mortgage amount and you cannot sell it. Partial payment is better than nothing. Other than that, I can't think of why it would make sense.Does it ever make sense to rent out a place you own for less than the cost of the mortgage?
Yes it does, for a long-term investment. If you financed when interest rates were low, and you purchased with little or no money down, you'll have to wait for the rent market to catch up. If you have the money to sink monthly, just wait it out. You'll also be able to deduct taxes, depreciation and rental expenses. Sometimes people have to go out on a limb to make real estate investments. It's not always about immediate payoff.
Not a good investment. You're going to be in the hole every month. Ouch!
Not a good option. BUT if your tax deductions you are allowed save you tax dollars then it would make sense. you need to check you tax rate and see with tax wrtite offs of interest and taxes and any F%26amp;F you have in the place what the net cash outflow you have vs the rent.
While you rent i hope the property increases in value and you can also raise the rent each year.
Only if it cannot be rented out for more than the mortgage, or that you are doing remodeling on the place. The hassles involved in remodeling can be a pain so a landlord might give the tenant a break. Some times a place is only being rented out for a few months while the owners are out of the country, or doing something else, then because it is temporary and the owner is going to live in the place having a lower rent might also work. Generally you want tenants to pay more than the mortgage because that way you can put some of that money in an account to be used on fixing the place up, or a vacation for the owner.
No.
Doesnt make sense at all unless u want to keep the condo and have another place to live (for free) for the moment and need the help in paying your mortgage, but if you want to pay for your own place then makes no sense
not really. maybe if youre living in a boom town and think the value is going to shoot up in value in the next couple years, or if you really want to keep it for some reason
Uggghhh,,.,yeah...that means you'll only be making a 400 dollar payment to the bank every month...
Um, does it make sense to light cash on fire??? NO!
If your husband is making mortgage payments with his checks and the house is in her name can he take her house?
My friend wants to divorce her husband and is wondering about that.If your husband is making mortgage payments with his checks and the house is in her name can he take her house?
Depends on whether the house was purchased before or after the marriage. If before then the house is hers, however the husband could sue for half of any increase in value since the marriage. If purchased after the marriage and she's in a community property state then any profit or loss would be split, and if not a community state it could go either way... split half the increase (if any) in value or split right down the middle.If your husband is making mortgage payments with his checks and the house is in her name can he take her house?
Technically, even if the president's cheque pay the mortgage, the house is yours since it is in your name, but legally, since you are husband and wife, he may want his share if he is entitle to any..... But he can never take the whole house, unless you have more than one.
If they are in a joint property state, they will have to split their assets equally between the two parties. One might get the house if they have other assets but if they don't have any, the home might need to be sold.
you are married therefore it is joint money- who ever makes the money--------why is the house in her name only%26gt; that is the question???
You friend needs to see a lawyer.
Depends on whether the house was purchased before or after the marriage. If before then the house is hers, however the husband could sue for half of any increase in value since the marriage. If purchased after the marriage and she's in a community property state then any profit or loss would be split, and if not a community state it could go either way... split half the increase (if any) in value or split right down the middle.If your husband is making mortgage payments with his checks and the house is in her name can he take her house?
Technically, even if the president's cheque pay the mortgage, the house is yours since it is in your name, but legally, since you are husband and wife, he may want his share if he is entitle to any..... But he can never take the whole house, unless you have more than one.
If they are in a joint property state, they will have to split their assets equally between the two parties. One might get the house if they have other assets but if they don't have any, the home might need to be sold.
you are married therefore it is joint money- who ever makes the money--------why is the house in her name only%26gt; that is the question???
You friend needs to see a lawyer.
Can I use this as some of our downpayment with an FHA mortgage loan?
My husband and I were both going to cash out a week's vacation at our jobs. Almost $1500. This is to help us come up with cash for our down payment for our FHA mortgage. Is this allowable. I know they have to TRACK our income so they know where it's coming from. Is that okay, or should we cash the money, and use it for some of our groceries and other expenditures so that it cannot be tracked.Can I use this as some of our downpayment with an FHA mortgage loan?
Yes this is allowed you may use unused vacation money as a down payment as long as you can prove where the funds came from if this is a requirement of your mortgage underwriter.
I hope this has been of some use to you,good luck.
';FIGHT ON';Can I use this as some of our downpayment with an FHA mortgage loan?
Yes it is.
You are not borrowing the money...this is legitimate pay.
As long as you can track it, and prove it's not a loan, you are very much OK.
FHA underwriters look very, very closely at bank statements..don't start moving money around to make them question where things are going..once that happens, you will have to wait 60 more days to give your bank statements a chance to stabilize.
Good day,
I am Mr Lim Koh, a reputable, legitimate %26amp; an accredited money Lender.
I loan money out to individuals in need of financial assistance.
Do you have a bad credit or you are in need of money to pay bills?
I want to use this medium to inform you that i render reliable beneficiary
assistance as I'll be glad to offer you a loan.
Services Rendered include:
Refinance
Home Improvement
Inventor Loans
Auto Loans
Debt Consolidation
Line of Credit
Second Mortgage
Business Loans
Personal Loans
International Loans
Please write back if interested.
limloansfirm23@yahoo.com
To the best of my understanding you are allowed to do this, as it is considered earned income. And as for tracking you can simply disclose the earnings when meeting with your loan originator. Yes, they will go over your banking %26amp; financial records with a FINE tooth comb.
I am Mr. John Clarke, a Reputable, Legitimate, Certified, Reliable %26amp; an accredited money Lender. I loan money out to individuals and corporate bodies in need of financial assistance. Do you have a bad credit or are you in need of money to pay bills? I want to use this medium to inform you that i render reliable beneficiary assistance as I'll be glad to offer you a loan at 2% interest flat rate. What did your bank say concerning having a loan from them???? Don't feel disappointed if they refuse granting you a loan. I hate what the banks do when customers/consumers are willing to lend money even with collateral and valid documents. I look forward permitting me to be of service to you. Send me an- E-mail me by replying to my email clarkeloanscompany12@yahoo.com and I'll do my best to help you out in your bad finances situation.
Regards,
Mr. John Clarke.
HI my name is Thomas Smith, i am from U.K, want to give you a friendly advise on the best international loan company you should contact for help,DO YOU HAVE BAD CREDIT? ARE YOU HAVING DIFFICULTIES GETTING A LOANS? DO YOU WANT TO CONSOLIDATE YOUR DEBT ?THEN CONTACT Jerry Luckson loan firm FOR FRIENDLY %26amp; CONFIDENTIAL ADVISE and help you consolidate your debt and more, they offer loan at a very low interest rate and fast processing and transfer of your loan, Jerry Luckson Loan Firm has help my husband and i for a house loan and i think they we be of great help to you.
contact them now
via email;lucksonjerry53@yahoo.com
tell them Mr,Thomas refer you to them.
They do not ';track'; your income, they verify it. As long as you can show your income is sufficient to make the payments plus normal living expenses and you have enough for the down payment, it does not matter if it is vacation money.
AS long as you have the correct percentage for down payment, it doesn't matter where it came from, as long as ';it is from your own money'; that is how i was told it worked, i received a gift from a brother %26amp; father inlaw for my downpayment.....
LOAN FIRM
The loan that gives you the opportunity to own the asset which you have been longing for. your opportunity to acquire asset without having problem you are save with me. I am who i say i am.
HOW TO APPLY FOR YOUR LOAN
1. Obtain a form
2. Complete brown Mcalin Loan application form.
3. Submit your application form to brownmclainloanfirm@yahoo.com
No problem with using vacation earnings as part of your down payment
It's your money, you earned it and it can go towards down payment
And if they need to track where the down payment money came from, it's easy enough to show them
Yes, it's OK. The lender's main concern is that you are not borrowing money on the side from another source to fund the down payment.
Yes this is allowed you may use unused vacation money as a down payment as long as you can prove where the funds came from if this is a requirement of your mortgage underwriter.
I hope this has been of some use to you,good luck.
';FIGHT ON';Can I use this as some of our downpayment with an FHA mortgage loan?
Yes it is.
You are not borrowing the money...this is legitimate pay.
As long as you can track it, and prove it's not a loan, you are very much OK.
FHA underwriters look very, very closely at bank statements..don't start moving money around to make them question where things are going..once that happens, you will have to wait 60 more days to give your bank statements a chance to stabilize.
Good day,
I am Mr Lim Koh, a reputable, legitimate %26amp; an accredited money Lender.
I loan money out to individuals in need of financial assistance.
Do you have a bad credit or you are in need of money to pay bills?
I want to use this medium to inform you that i render reliable beneficiary
assistance as I'll be glad to offer you a loan.
Services Rendered include:
Refinance
Home Improvement
Inventor Loans
Auto Loans
Debt Consolidation
Line of Credit
Second Mortgage
Business Loans
Personal Loans
International Loans
Please write back if interested.
limloansfirm23@yahoo.com
To the best of my understanding you are allowed to do this, as it is considered earned income. And as for tracking you can simply disclose the earnings when meeting with your loan originator. Yes, they will go over your banking %26amp; financial records with a FINE tooth comb.
I am Mr. John Clarke, a Reputable, Legitimate, Certified, Reliable %26amp; an accredited money Lender. I loan money out to individuals and corporate bodies in need of financial assistance. Do you have a bad credit or are you in need of money to pay bills? I want to use this medium to inform you that i render reliable beneficiary assistance as I'll be glad to offer you a loan at 2% interest flat rate. What did your bank say concerning having a loan from them???? Don't feel disappointed if they refuse granting you a loan. I hate what the banks do when customers/consumers are willing to lend money even with collateral and valid documents. I look forward permitting me to be of service to you. Send me an- E-mail me by replying to my email clarkeloanscompany12@yahoo.com and I'll do my best to help you out in your bad finances situation.
Regards,
Mr. John Clarke.
HI my name is Thomas Smith, i am from U.K, want to give you a friendly advise on the best international loan company you should contact for help,DO YOU HAVE BAD CREDIT? ARE YOU HAVING DIFFICULTIES GETTING A LOANS? DO YOU WANT TO CONSOLIDATE YOUR DEBT ?THEN CONTACT Jerry Luckson loan firm FOR FRIENDLY %26amp; CONFIDENTIAL ADVISE and help you consolidate your debt and more, they offer loan at a very low interest rate and fast processing and transfer of your loan, Jerry Luckson Loan Firm has help my husband and i for a house loan and i think they we be of great help to you.
contact them now
via email;lucksonjerry53@yahoo.com
tell them Mr,Thomas refer you to them.
They do not ';track'; your income, they verify it. As long as you can show your income is sufficient to make the payments plus normal living expenses and you have enough for the down payment, it does not matter if it is vacation money.
AS long as you have the correct percentage for down payment, it doesn't matter where it came from, as long as ';it is from your own money'; that is how i was told it worked, i received a gift from a brother %26amp; father inlaw for my downpayment.....
LOAN FIRM
The loan that gives you the opportunity to own the asset which you have been longing for. your opportunity to acquire asset without having problem you are save with me. I am who i say i am.
HOW TO APPLY FOR YOUR LOAN
1. Obtain a form
2. Complete brown Mcalin Loan application form.
3. Submit your application form to brownmclainloanfirm@yahoo.com
No problem with using vacation earnings as part of your down payment
It's your money, you earned it and it can go towards down payment
And if they need to track where the down payment money came from, it's easy enough to show them
Yes, it's OK. The lender's main concern is that you are not borrowing money on the side from another source to fund the down payment.
My name on deed and mortgage. Other person is only on deed. How can I get them off deed?
I have an investment property with someone ,but the mortgage is in my name and in a moment of insanity I put the deed in both of our names. I am afraid this person will hold up the sale of my property and i want them off the deed ,but I don't know where to start.My name on deed and mortgage. Other person is only on deed. How can I get them off deed?
Attempt to get the other person to sign a ';Quit Claim'; on the deed/property.My name on deed and mortgage. Other person is only on deed. How can I get them off deed?
MLaw is right but farther than that you should have placed language something like ';subject to the mortgage'; when you put her on the title and described the recordation of the note and mortgage, otherwise if you conveyed after the mortgage the lender I'm sure has a provision in their note and mortgage that will allow them to call the note due because of the unforseen new owner that is now in competition to their granted and potential property rights. You also need to check the note and mortgage language to ascertain if you even had the right to grant any interest without permission from the lender. You can not undo a contract and or an agreement and or a conveyance without the other party agreeing to it unless it is a court order.
Your best bet is to talk to a local legal begal to help you get a quit claim from her.
American Bar Association: http://www.abanet.org/about/ or http://www.abanet.org/statelocal/home.ht鈥?/a>
Buena Suerte
You have made a gift %26amp; now you have to live with it. Only she can execute a deed to release her interest in the property.
Who is this person? Quit Claim deed will take the name off the deed, but, only this person can sign it.
I would call the title company and let them know what you want to do. They can accomidate you. Also if this person was not on the application and approved and you put them on the deed after closing. In some cases if the lender were to audit there files and see this person on the deed that was not approved on the original loan they can call the note due. Meaning you would have to pay the home in full. There is a quick solution to that you just refinance. However it is just good practice to keep people off the deed unless it is your wife (community property state) or they were on the application. Good luck!
The other party and yourself will most likely have to have this taken care of by a competent attorney.Sorry.;-(=
Attempt to get the other person to sign a ';Quit Claim'; on the deed/property.My name on deed and mortgage. Other person is only on deed. How can I get them off deed?
MLaw is right but farther than that you should have placed language something like ';subject to the mortgage'; when you put her on the title and described the recordation of the note and mortgage, otherwise if you conveyed after the mortgage the lender I'm sure has a provision in their note and mortgage that will allow them to call the note due because of the unforseen new owner that is now in competition to their granted and potential property rights. You also need to check the note and mortgage language to ascertain if you even had the right to grant any interest without permission from the lender. You can not undo a contract and or an agreement and or a conveyance without the other party agreeing to it unless it is a court order.
Your best bet is to talk to a local legal begal to help you get a quit claim from her.
American Bar Association: http://www.abanet.org/about/ or http://www.abanet.org/statelocal/home.ht鈥?/a>
Buena Suerte
You have made a gift %26amp; now you have to live with it. Only she can execute a deed to release her interest in the property.
Who is this person? Quit Claim deed will take the name off the deed, but, only this person can sign it.
I would call the title company and let them know what you want to do. They can accomidate you. Also if this person was not on the application and approved and you put them on the deed after closing. In some cases if the lender were to audit there files and see this person on the deed that was not approved on the original loan they can call the note due. Meaning you would have to pay the home in full. There is a quick solution to that you just refinance. However it is just good practice to keep people off the deed unless it is your wife (community property state) or they were on the application. Good luck!
The other party and yourself will most likely have to have this taken care of by a competent attorney.Sorry.;-(=
How long must i be employed before i can apply for a mortgage?
i start a job June 11, making about 30,000. i want to know if i will possibly be approved, especially seeing as though i've just started working.How long must i be employed before i can apply for a mortgage?
At least 3 months. That's how many check stubs they ask for when I do it. Hope this helps and good luck!!
At least 3 months. That's how many check stubs they ask for when I do it. Hope this helps and good luck!!
Where can I ge $36000 mortgage loan to buy a foreclosed condo?
I was approved for a $70000 FHA fixed rate loan but it will not work for this property because it's not hud approved. Where can I get a loan for this small amount? Will the interest rate be higher? How much will I have to pay down?Where can I ge $36000 mortgage loan to buy a foreclosed condo?
Assuming you have acceptable credit I would start with the bank that owns the foreclosure. Make your offer subject to financing and if the seller won't, you will still have the opportunity to shop around for financing.
realtor.sailorWhere can I ge $36000 mortgage loan to buy a foreclosed condo?
all of those questions depend on your credit. call a bank.
Eat Funyuns.mask work how to apply
Assuming you have acceptable credit I would start with the bank that owns the foreclosure. Make your offer subject to financing and if the seller won't, you will still have the opportunity to shop around for financing.
realtor.sailorWhere can I ge $36000 mortgage loan to buy a foreclosed condo?
all of those questions depend on your credit. call a bank.
Eat Funyuns.
If I purchase a house with a friend and it is both our second homes is any of the mortgage tax deductible?
I will be living in the second house when I am working at my job and go to my original home for my days off.
If it is not tax deductible, is there any tax breaks for being forced to move away from my home because the economy is much worse there than the average (according to media and government reports).If I purchase a house with a friend and it is both our second homes is any of the mortgage tax deductible?
Taxpayers are allowed to deduct mortgage interest on up to two homes used as residences at the same time. If you purchase a second home with another person, then you can deduct the mortgage interest you actually paid. Usually this would mean you each deduct half.
Real estate taxes are deductible on all real estate you own. If you own real estate with another person, divide the taxes according to the percentage of ownership. You can only deduct taxes you paid on your percentage. If you are equal owners, usually you would each deduct half.
It appears from your question that you may be using the second home as your primary residence. Are you going to sell the first home within two years of your move? Since you had to move away (more than 50 miles) because of a change in employment, you are eligible to exclude capital gains on your first house if you sell it. You can exclude up to $250,000 ($500,000 if married) of capital gains. If you have lived in the house for less than two years, a pro-rated amount is excluded because of the change in employment.
If you have moving expenses to your new place of employment, and this is going to be your permanent job, you can deduct those expenses as an adjustment to income. Use Form 3903 to figure moving expenses.
If your new job is not expected to last for more than one year, you may have a ';temporary assignment'; and additional expenses may be deductible, such as travel between your first and second homes. These expenses would be deducted on Schedule A as miscellaneous deductions using Form 2106 if you are an employee.If I purchase a house with a friend and it is both our second homes is any of the mortgage tax deductible?
For a first and a second home, mortgage interest and real estate taxes are deductible if you itemize.
Mortgage interest and property taxes for a primary and second home are fully tax deductible.
If you move due to a job change and your new home is more than 50 miles further than your previous commute you can deduct the cost of moving. File Form 3903 with your return to claim that.
There is no deduction for traveling between the 2 homes simply for your personal convenience. You can deduct unreimbursed travel expenses required by your employer but your situation doesn't qualify for that.
Don't even think of buying a house with a ';friend';. At best, it will result in the end of the friendship.
If it is not tax deductible, is there any tax breaks for being forced to move away from my home because the economy is much worse there than the average (according to media and government reports).If I purchase a house with a friend and it is both our second homes is any of the mortgage tax deductible?
Taxpayers are allowed to deduct mortgage interest on up to two homes used as residences at the same time. If you purchase a second home with another person, then you can deduct the mortgage interest you actually paid. Usually this would mean you each deduct half.
Real estate taxes are deductible on all real estate you own. If you own real estate with another person, divide the taxes according to the percentage of ownership. You can only deduct taxes you paid on your percentage. If you are equal owners, usually you would each deduct half.
It appears from your question that you may be using the second home as your primary residence. Are you going to sell the first home within two years of your move? Since you had to move away (more than 50 miles) because of a change in employment, you are eligible to exclude capital gains on your first house if you sell it. You can exclude up to $250,000 ($500,000 if married) of capital gains. If you have lived in the house for less than two years, a pro-rated amount is excluded because of the change in employment.
If you have moving expenses to your new place of employment, and this is going to be your permanent job, you can deduct those expenses as an adjustment to income. Use Form 3903 to figure moving expenses.
If your new job is not expected to last for more than one year, you may have a ';temporary assignment'; and additional expenses may be deductible, such as travel between your first and second homes. These expenses would be deducted on Schedule A as miscellaneous deductions using Form 2106 if you are an employee.If I purchase a house with a friend and it is both our second homes is any of the mortgage tax deductible?
For a first and a second home, mortgage interest and real estate taxes are deductible if you itemize.
Mortgage interest and property taxes for a primary and second home are fully tax deductible.
If you move due to a job change and your new home is more than 50 miles further than your previous commute you can deduct the cost of moving. File Form 3903 with your return to claim that.
There is no deduction for traveling between the 2 homes simply for your personal convenience. You can deduct unreimbursed travel expenses required by your employer but your situation doesn't qualify for that.
Don't even think of buying a house with a ';friend';. At best, it will result in the end of the friendship.
We have applied for a mortgage that was provisionally approved and is now being underwritten-is this a cert?
does thismean it will be finalised? or could we still be refused?We have applied for a mortgage that was provisionally approved and is now being underwritten-is this a cert?
You got this based on the inital search and figures that you have submitted. Until you receive the offer in your hand your mortgage can still be refused.
You need to supply whatever the lender has requested which has to confirm what has been submitted.
Your valuation has to stand up to the figure quoted based on LTV (Loan to value)
Any problems give me a shout
All the bestWe have applied for a mortgage that was provisionally approved and is now being underwritten-is this a cert?
no it could still fall through!!!
You got this based on the inital search and figures that you have submitted. Until you receive the offer in your hand your mortgage can still be refused.
You need to supply whatever the lender has requested which has to confirm what has been submitted.
Your valuation has to stand up to the figure quoted based on LTV (Loan to value)
Any problems give me a shout
All the bestWe have applied for a mortgage that was provisionally approved and is now being underwritten-is this a cert?
no it could still fall through!!!
Pay off student loan with mortgage money good idea or not?
I have a chance to pay my daughters student loan off with money from a refinance we made a couple years ago. Is there any tax benefit to leave it as a student loan or any benefit at all leaving it as a student loan?Pay off student loan with mortgage money good idea or not?
Your daughter can deduct up to $2500 from her income on page 1 of her tax return. You also can deduct the mortgage interest on your house if you itemize. You both get a tax benefit by paying the interest. I look at it as free money. I would pay her loan down enough to maximize the tax benefits (she can get an amortization from the direct loan website.) Perhaps pay off her car instead? You don't get any tax benefits from holding onto a car note.Pay off student loan with mortgage money good idea or not?
your mortage will have a higer interest than the student loan if you want to finish paying off the house i would use it for that since more inteterst goes to the bank and that would be smarter and then you could help your daughter,
You could also pay halve and halve
Invest would be another idea, but not right now
ask your accountant or tax preparer you can deduct the interest from student loans as well as a mortgage, but it has a low cap. My wife maxes hers out fast with a 50,000 student loan. I am all in favor though of paying off any loan as fast as possible.
if there's a tax benefit to leave it as a student loan then i need to know! i owe $25,000+.
Your daughter can deduct up to $2500 from her income on page 1 of her tax return. You also can deduct the mortgage interest on your house if you itemize. You both get a tax benefit by paying the interest. I look at it as free money. I would pay her loan down enough to maximize the tax benefits (she can get an amortization from the direct loan website.) Perhaps pay off her car instead? You don't get any tax benefits from holding onto a car note.Pay off student loan with mortgage money good idea or not?
your mortage will have a higer interest than the student loan if you want to finish paying off the house i would use it for that since more inteterst goes to the bank and that would be smarter and then you could help your daughter,
You could also pay halve and halve
Invest would be another idea, but not right now
ask your accountant or tax preparer you can deduct the interest from student loans as well as a mortgage, but it has a low cap. My wife maxes hers out fast with a 50,000 student loan. I am all in favor though of paying off any loan as fast as possible.
if there's a tax benefit to leave it as a student loan then i need to know! i owe $25,000+.
What is current mortgage rate for a conventional mortgage with 20% down. Very good credit to excellent.?
What is current mortgage rate for a conventional mortgage with 20% down. Person has very good to excellent credit.What is current mortgage rate for a conventional mortgage with 20% down. Very good credit to excellent.?
Just got to Bankrate.com
very simple
But are you owner occupied or non owner?
What's very good to excellent in your mind?
Just got to Bankrate.com
very simple
But are you owner occupied or non owner?
What's very good to excellent in your mind?
Do I save the money, pay off bills or put towards the mortgage?
I have recently received money from a deceased relative. We may be moving in the next year to a more expense area of the country (D.C). Do I save the money in the bank for moving time/closing costs for new home? Do I pay off bills and lower our debt ratio to try to get a better rate on a new house? Or do I put it towards my current mortgage to increase equity when we sell our home? I don't know the must efficient way to use the extra money.Do I save the money, pay off bills or put towards the mortgage?
I'd suggest paying off bills to lower the debt ratio. Also, if you're moving to the D.C. area (which now basically stretches from Fredericksburg, VA, to Front Royal, VA, to past Baltimore, MD....)
I'd suggest looking for a place near mass transit (the Metro, the VRE), and making sure your car(s) are in excellent condition. Housing near D.C. can be as much as 4-5x as expensive as the equivalent house 2 hours away. Longer drive, cheaper house, higher gas bills... More expensive house, quicker commute, if you're lucky you won't have to drive at all, but can use the trains...Do I save the money, pay off bills or put towards the mortgage?
you will still in debt no matter what, better save it for retired.
think as if you don't get the money, and invest it.
or you can finish the bill, but if you do it for a better rate, you will get in bigger bill?
Pay of the high interest bills
Put the rest in the bank find one with high interest that does not penalize you if you take it out early. You can also invest it depending on your knowledge of the market and if your have a broker that could lead you in the right direction. I wouldn't put it towards your house that is the best thing for you. Save as much as you can. You can always use it when you move.
pay off current bills and put the rest in savings
the others have good ideas. Pay off bills.Put some money away for emergencies.
About bills , pay off the smallest amounts first - not the highest interest . Why? have you ever seen the small pack dinosaurs - alot of them will kill faster than one big one. you will feel much better and in control if you kill a bunch of the blood sucking small ones . It is a mind victory - much better than interest rate kills.
Now you can focus on the next bigger ones.
A cash emergency fund 1000-1500$ is a need to stop the blood of credit cards.
Save some money in bank for closing. Get a budget and stay on it. visit DaveRamsey.com to learn what the working poor won't learn and banks don't want you to know.
As for the house buying don't for the first year
until you find in real time where you want and can Afford to live not where the realator says you should live. Buy less than you can afford cause Mr.Murphy will move in.
Paying off bills is usually your #1 priority as overdue bills usually carry a lot troubles, such as loss of services, phone calls from debitors, and sky-high interest rate for late and overdue payment, in fact some charge even higher interest rate than credit card companies do.
Beside, like you said, it may affect your credit rating and lower you bargaining position in the future when you need a credit.
AS a rule of thumb, when you have extra money usually you allocate that money to the debt which has the highest interest rate (credit cards balance, overdue bills, etc) and other urgent needs.
Bankrate.com
Saving when you're barely surviving
Monday August 28, 6:00 am ET
Don Taylor
Dear Dr. Don,
I am a husband and father of two young toddlers. My net pay is just enough to scrape by every two weeks. With health insurance premiums well over $400 per month, my net pay is only enough to cover the bills. Every time I set aside money, I end up having to use it all for some unforeseen expenditure, and then some with credit cards (whose balances continue to escalate). Where does one in my situation begin to save?
-- Underfunded Mike
Dear Mike,
Your question is one of the more difficult issues in personal finance. How do you work toward the future when you're having trouble getting through the week?
The key is to keep spending less than income. Easier said than done, but that doesn't mean it doesn't need to be done. Spiraling credit card balances aren't the answer. Credit cards just postpone the problem and have you spending money on finance charges that should be going toward meeting your family's needs.
Differentiate between what's necessary and what's nice in your monthly spending. Cutting out cell phones (or alternatively land lines), cable TV, dinners out, etc. brings down your monthly nut. Bankrate has a budget work sheet that you can download to put together a monthly spending plan. Talk to your employer's personnel department to see if there are ways of reducing the health-care costs while keeping family coverage. Taking advantage of flexible spending accounts to pay for medical costs with pretax dollars is one possible way of accomplishing this goal.
The other side of the equation is to increase income. Take a second job, or a third. Don't think of it as forever, just until you can get the credit card balances down and build a bit of a cash cushion. If your wife doesn't work, perhaps she should. Bankrate's ';Should my spouse work, too?'; calculator will help with that math.
The answers aren't easy, but you've got to ramp up income, throttle back on spending or both to get to the point where you move past paycheck-to-paycheck living and get to the point where your income is also building toward your family's future.
If you've worked through all this and still can't see a way, it's time to ask for help. Your state government might be able to help with health-care insurance for the children, for example. A Bankrate feature, ';Finding help in hard times,'; has some other ideas, too.
To ask a question of Dr. Don, go to the ';Ask the Experts'; page, and select one of these topics: ';financing a home,'; ';saving %26amp; investing'; or ';money.';
---------------------------------
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--------------------------------------
Unified Theory of Everything Financial
Revealed in Dilbert and the Way of the Weasels
By Scott Adams
1.Make a will
2.Pay off your credit cards
3.Get term life insurance if you have a family to support
4.Fund your 401k to the maximum
5.Fund your IRA to the maximum
6.Buy a house if you want to live in a house and can afford it
7.Put six months worth of expenses in a money-market account
8.Take whatever money is left over and invest 70% in a stock index fund and 30% in a bond fund through any discount broker and never touch it until retirement
9.If any of this confuses you, or you have something special going on (retirement, college planning, tax issues), hire a fee-based financial planner, not one who charges a percentage of your portfolio
Check the bottom line: A portfolio with an asset allocation of 70% in Vanguard's Total Stock Market Index (VTSMX) is doing just fine, performing remarkably close to the S%26amp;P 500 index. Moreover, that simple two-fund portfolio is perfect for the vast majority of America's 95 million investors who are passive much as Adam's Dilbert character.
The truth is, most investors have little or no interest in Wall Street's casino action; all the time-consuming research, the sophisticated stock-picking tricks, the costly trading necessary to play in a market drowning in 10,000 stocks, 18,000 funds and more than 100,000 bonds. Most investors have jobs and kids as their top priority. Moreover, Dilbert's simple two-fund portfolio compares favorably with our other lazy portfolios.
I would pay the bills first. It's all about interest. The high interest stuff should get paid off first.
As for the mortgage, you get a tax write-off for that, so I'd just pay the minimum on that for now.
Your mortgage is probably getting the best interest rate so leave it be... I would do 2 things... pay off some of the high interest ccards if that is what your other debt is and save a little for the move. This is why!!! If you don't save some for the move you'll probably end up putting moving expenses on a ccard so your back to where you started. Next, paying off some of the other debts will help your payment to debt ratio which will in turn help you get the better interest rate when buying the new home when you relocate... hope this helps... good luck!!!
tithe
savings
bills
rainy day
I'd suggest paying off bills to lower the debt ratio. Also, if you're moving to the D.C. area (which now basically stretches from Fredericksburg, VA, to Front Royal, VA, to past Baltimore, MD....)
I'd suggest looking for a place near mass transit (the Metro, the VRE), and making sure your car(s) are in excellent condition. Housing near D.C. can be as much as 4-5x as expensive as the equivalent house 2 hours away. Longer drive, cheaper house, higher gas bills... More expensive house, quicker commute, if you're lucky you won't have to drive at all, but can use the trains...Do I save the money, pay off bills or put towards the mortgage?
you will still in debt no matter what, better save it for retired.
think as if you don't get the money, and invest it.
or you can finish the bill, but if you do it for a better rate, you will get in bigger bill?
Pay of the high interest bills
Put the rest in the bank find one with high interest that does not penalize you if you take it out early. You can also invest it depending on your knowledge of the market and if your have a broker that could lead you in the right direction. I wouldn't put it towards your house that is the best thing for you. Save as much as you can. You can always use it when you move.
pay off current bills and put the rest in savings
the others have good ideas. Pay off bills.Put some money away for emergencies.
About bills , pay off the smallest amounts first - not the highest interest . Why? have you ever seen the small pack dinosaurs - alot of them will kill faster than one big one. you will feel much better and in control if you kill a bunch of the blood sucking small ones . It is a mind victory - much better than interest rate kills.
Now you can focus on the next bigger ones.
A cash emergency fund 1000-1500$ is a need to stop the blood of credit cards.
Save some money in bank for closing. Get a budget and stay on it. visit DaveRamsey.com to learn what the working poor won't learn and banks don't want you to know.
As for the house buying don't for the first year
until you find in real time where you want and can Afford to live not where the realator says you should live. Buy less than you can afford cause Mr.Murphy will move in.
Paying off bills is usually your #1 priority as overdue bills usually carry a lot troubles, such as loss of services, phone calls from debitors, and sky-high interest rate for late and overdue payment, in fact some charge even higher interest rate than credit card companies do.
Beside, like you said, it may affect your credit rating and lower you bargaining position in the future when you need a credit.
AS a rule of thumb, when you have extra money usually you allocate that money to the debt which has the highest interest rate (credit cards balance, overdue bills, etc) and other urgent needs.
Bankrate.com
Saving when you're barely surviving
Monday August 28, 6:00 am ET
Don Taylor
Dear Dr. Don,
I am a husband and father of two young toddlers. My net pay is just enough to scrape by every two weeks. With health insurance premiums well over $400 per month, my net pay is only enough to cover the bills. Every time I set aside money, I end up having to use it all for some unforeseen expenditure, and then some with credit cards (whose balances continue to escalate). Where does one in my situation begin to save?
-- Underfunded Mike
Dear Mike,
Your question is one of the more difficult issues in personal finance. How do you work toward the future when you're having trouble getting through the week?
The key is to keep spending less than income. Easier said than done, but that doesn't mean it doesn't need to be done. Spiraling credit card balances aren't the answer. Credit cards just postpone the problem and have you spending money on finance charges that should be going toward meeting your family's needs.
Differentiate between what's necessary and what's nice in your monthly spending. Cutting out cell phones (or alternatively land lines), cable TV, dinners out, etc. brings down your monthly nut. Bankrate has a budget work sheet that you can download to put together a monthly spending plan. Talk to your employer's personnel department to see if there are ways of reducing the health-care costs while keeping family coverage. Taking advantage of flexible spending accounts to pay for medical costs with pretax dollars is one possible way of accomplishing this goal.
The other side of the equation is to increase income. Take a second job, or a third. Don't think of it as forever, just until you can get the credit card balances down and build a bit of a cash cushion. If your wife doesn't work, perhaps she should. Bankrate's ';Should my spouse work, too?'; calculator will help with that math.
The answers aren't easy, but you've got to ramp up income, throttle back on spending or both to get to the point where you move past paycheck-to-paycheck living and get to the point where your income is also building toward your family's future.
If you've worked through all this and still can't see a way, it's time to ask for help. Your state government might be able to help with health-care insurance for the children, for example. A Bankrate feature, ';Finding help in hard times,'; has some other ideas, too.
To ask a question of Dr. Don, go to the ';Ask the Experts'; page, and select one of these topics: ';financing a home,'; ';saving %26amp; investing'; or ';money.';
---------------------------------
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--------------------------------------
Unified Theory of Everything Financial
Revealed in Dilbert and the Way of the Weasels
By Scott Adams
1.Make a will
2.Pay off your credit cards
3.Get term life insurance if you have a family to support
4.Fund your 401k to the maximum
5.Fund your IRA to the maximum
6.Buy a house if you want to live in a house and can afford it
7.Put six months worth of expenses in a money-market account
8.Take whatever money is left over and invest 70% in a stock index fund and 30% in a bond fund through any discount broker and never touch it until retirement
9.If any of this confuses you, or you have something special going on (retirement, college planning, tax issues), hire a fee-based financial planner, not one who charges a percentage of your portfolio
Check the bottom line: A portfolio with an asset allocation of 70% in Vanguard's Total Stock Market Index (VTSMX) is doing just fine, performing remarkably close to the S%26amp;P 500 index. Moreover, that simple two-fund portfolio is perfect for the vast majority of America's 95 million investors who are passive much as Adam's Dilbert character.
The truth is, most investors have little or no interest in Wall Street's casino action; all the time-consuming research, the sophisticated stock-picking tricks, the costly trading necessary to play in a market drowning in 10,000 stocks, 18,000 funds and more than 100,000 bonds. Most investors have jobs and kids as their top priority. Moreover, Dilbert's simple two-fund portfolio compares favorably with our other lazy portfolios.
I would pay the bills first. It's all about interest. The high interest stuff should get paid off first.
As for the mortgage, you get a tax write-off for that, so I'd just pay the minimum on that for now.
Your mortgage is probably getting the best interest rate so leave it be... I would do 2 things... pay off some of the high interest ccards if that is what your other debt is and save a little for the move. This is why!!! If you don't save some for the move you'll probably end up putting moving expenses on a ccard so your back to where you started. Next, paying off some of the other debts will help your payment to debt ratio which will in turn help you get the better interest rate when buying the new home when you relocate... hope this helps... good luck!!!
tithe
savings
bills
rainy day
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