In this rate and guideline enviroment DEMAND that the rate is fixed for 30 years. Accept nothing else.
Bout to refinance my house. Wheres the mortgage experts?
Ok, so I bought my house in 2003. Got a pretty good deal on it. Very nice for the price I paid.
Currently I have a 6.25 FIXED rate. My payment is 600/month with taxes and insurance.
I have made some pretty horible decisions in the past couple years and ran up a couple of my credit cards. Basically I want them paid off NOW!
The value of my house has gone up quite a bit since I bought it. I bought it for 58k and it is now assessed at 70k. I currently owe 56k on it.
I applied on lending tree and have been approved 100% I just need to pull the trigger.
Heres what im offered:
7.40% APR
$676 per month
All fees built into payments I just pay appraisor.
All credit cards paid off plus I end up with about $4500 extra.
This would save me about $90 per month and my cards would be paid off.
Also, they offered me a 30 year mortgage at 7.15% but that has to be paid off or refinanced within 15 years. I doubt Ill still live in the house in 15 years but who knows!
Thoughts everyone?
Currently I have a 6.25 FIXED rate. My payment is 600/month with taxes and insurance.
I have made some pretty horible decisions in the past couple years and ran up a couple of my credit cards. Basically I want them paid off NOW!
The value of my house has gone up quite a bit since I bought it. I bought it for 58k and it is now assessed at 70k. I currently owe 56k on it.
I applied on lending tree and have been approved 100% I just need to pull the trigger.
Heres what im offered:
7.40% APR
$676 per month
All fees built into payments I just pay appraisor.
All credit cards paid off plus I end up with about $4500 extra.
This would save me about $90 per month and my cards would be paid off.
Also, they offered me a 30 year mortgage at 7.15% but that has to be paid off or refinanced within 15 years. I doubt Ill still live in the house in 15 years but who knows!
Thoughts everyone?
1 - 20 of 40 Posts
NO NO NO!!!
is the security of your house worth some CC debt? you have an awesome rate, and you're going to refi for a higher rate?
1. buy this book
http://www.amazon.com/Total-Money-M...6655614?ie=UTF8&s=books&qid=1180727145&sr=8-1
2. leave your mortgage alone.
3. list your income and make a budget!!! cut out anything frivilous.
4. list your debts smallest to largest. put every penny into paying off the smallest (smallest $$ amount, regardless of APR).
5. when that ones gone, roll that money into paying off the next smallest, and so on.
6. have any liquid savings? keep $1000 and cash the rest out to pay off the debt.
never EVER do a debt CON-solidation.
best advice i got
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is the security of your house worth some CC debt? you have an awesome rate, and you're going to refi for a higher rate?
1. buy this book
http://www.amazon.com/Total-Money-M...6655614?ie=UTF8&s=books&qid=1180727145&sr=8-1
2. leave your mortgage alone.
3. list your income and make a budget!!! cut out anything frivilous.
4. list your debts smallest to largest. put every penny into paying off the smallest (smallest $$ amount, regardless of APR).
5. when that ones gone, roll that money into paying off the next smallest, and so on.
6. have any liquid savings? keep $1000 and cash the rest out to pay off the debt.
never EVER do a debt CON-solidation.
best advice i got
__________________
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If it were me I'd do anything to avoid messing with the current mortgage. What you have is a pretty sweet deal compared to those that were suckered into ARMs. Besides, what's to guarantee you won't drive your credit cards back up again and end up in the same situation with a higher mortgage?
Where in the world can you buy a house for those prices. Here in Northern NJ a broken down shack is over 300K. My son just bid 399K for a 2 bedroom cape on a 75x100 foot lot. The asking is 419.
I mean how much extra is the higher interest rate going to cost me? This is the first offer I got so Im going to shop around. i might be able to get him lower on the interest rate also.
Heres whats going to prevent me from doing that again: A SHREDDER. As soon as this is resolved all my cards are getting shredded.
I know not to touch an ARM with a 10 foot pole. Got that part covered.
Des Moines Iowa baby! Land of cheap homes!
Heres whats going to prevent me from doing that again: A SHREDDER. As soon as this is resolved all my cards are getting shredded.
I know not to touch an ARM with a 10 foot pole. Got that part covered.
Des Moines Iowa baby! Land of cheap homes!
the interest rate does not make that much of a difference on such a small loan balance, so moving up that amount won't be that big of a deal. PM me if you want me to do a breakdown. I would need to know card balances, interest rates, closing costs. I have owned a mortgage company for 13 years. I am not licensed in Iowa, so I can give you completely unbiased advice.
i only advocate 15yr fixed termsIn this rate and guideline enviroment DEMAND that the rate is fixed for 30 years. Accept nothing else.
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Try one of the online mortgage calculators to see what the difference will be. Think total cost - not just monthly increase.I mean how much extra is the higher interest rate going to cost me? This is the first offer I got so Im going to shop around. i might be able to get him lower on the interest rate also.
Heres whats going to prevent me from doing that again: A SHREDDER. As soon as this is resolved all my cards are getting shredded.
I know not to touch an ARM with a 10 foot pole. Got that part covered.
Des Moines Iowa baby! Land of cheap homes!
http://www.mortgage-calc.com/
You say you can do it but the Dark Side is strong my young Jedi. You will be constantly tempted by the credit card companies bombarding your mailbox!
15 year terms are great, just not overly practical in most markets. you can always pay extra to your 30 yr
cut em up now then work on my post ideasI mean how much extra is the higher interest rate going to cost me? This is the first offer I got so Im going to shop around. i might be able to get him lower on the interest rate also.
Heres whats going to prevent me from doing that again: A SHREDDER. As soon as this is resolved all my cards are getting shredded.
I know not to touch an ARM with a 10 foot pole. Got that part covered.
Des Moines Iowa baby! Land of cheap homes!
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Damn, I had no idea Des Moines real estate was so cheap. I paid about $127,000 for my house in 2003, but the good part is it's now probably worth $160,000-$170,000. And I have a 5.625% 30-year loan.
I think Urby's advice makes sense. My ex-wife drove me into bankruptcy, but at least I kept my house, and since I'm still making payments on that, plus paying on part of the debt, my credit may not be completely ruined. But I have no CC debt and plan to keep it that way.
In the past year and a half, I've learned to live within a budget, and I'm pretty anal about it. I track everything and make adjustments as needed. Quicken and an Excel spreadsheet are your friends.
I think Urby's advice makes sense. My ex-wife drove me into bankruptcy, but at least I kept my house, and since I'm still making payments on that, plus paying on part of the debt, my credit may not be completely ruined. But I have no CC debt and plan to keep it that way.
In the past year and a half, I've learned to live within a budget, and I'm pretty anal about it. I track everything and make adjustments as needed. Quicken and an Excel spreadsheet are your friends.
Yeah youre right Gary. I really need to be more mindful of my budget. I have a rough budget but I need to make it more precise and not spend so much damn money.
At this rate I would be paying off my credit cards for the next 100000 years. Not to mention it is driving me nuts and I want it off my back.
At this rate I would be paying off my credit cards for the next 100000 years. Not to mention it is driving me nuts and I want it off my back.
Nick--make sure you have all the details before you sign on the line. Does the "new" payment include taxes and insurance? Also, if you have a 100% loan you will likely be required to carry mortgage insurance, which will bump the payment. I believe that typically you have to put 20% down to avoid mortgage insurance but that may vary from state to state.
with a determined effort, motivation, and a "Ive had enough" attitude, you CAN pay off the CCs within 1-2 years and not **** up your sweet mortgage.Yeah youre right Gary. I really need to be more mindful of my budget. I have a rough budget but I need to make it more precise and not spend so much damn money.
At this rate I would be paying off my credit cards for the next 100000 years. Not to mention it is driving me nuts and I want it off my back.
buy the book, hell i'll buy it for you if you promise to follow it
it has budget forms and a complete "how-to"
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Heres a better idea.
How about I just fix up my house a bit and sell it? I can then move in with one of my buddies and put the leftovers in savings until I want to buy another house.
How about I just fix up my house a bit and sell it? I can then move in with one of my buddies and put the leftovers in savings until I want to buy another house.
NICK!! This is the best advise you'll see in this thread man!!! This is gold!!NO NO NO!!!
is the security of your house worth some CC debt? you have an awesome rate, and you're going to refi for a higher rate?
1. buy this book
http://www.amazon.com/Total-Money-M...6655614?ie=UTF8&s=books&qid=1180727145&sr=8-1
2. leave your mortgage alone.
3. list your income and make a budget!!! cut out anything frivilous.
4. list your debts smallest to largest. put every penny into paying off the smallest (smallest $$ amount, regardless of APR).
5. when that ones gone, roll that money into paying off the next smallest, and so on.
6. have any liquid savings? keep $1000 and cash the rest out to pay off the debt.
never EVER do a debt CON-solidation.
best advice i got
Look, I know where you are, I've been there myself and if I had it to do over I would follow Urby's route. Here's the thing (let's get real with it) you 'fix' it now and what's to stop you from doing it all over again? I know how bad you want this monkey off your back but you will be SO much better off leaving your home mortgage be and paying off the CC's as Urby said.
It seems to start out slowly but as you knock off the first smallest debt and roll the payments over to the next you will see the debts begin to drop off exponentially! You will learn priceless things;
1. You will learn to budget.
2. You will learn patience.
3. You will appreciate the value of things you want and need and better prioritize them.
4. You will gain much more home equity value in the long run by leaving your mortgage alone (don't even think about a 2nd!!!!).
It's your decision and your life but man........
why? your problem is not because you have a sky-high mortgage! you have a sweet APR and payment, and there isnt just much room to go "down". i'd never advise selling a house unless the payment exceeds 30-ish percent of your take-home....even then you can get a second job at UPS to help in the short-term while the debt is killed.Heres a better idea.
How about I just fix up my house a bit and sell it? I can then move in with one of my buddies and put the leftovers in savings until I want to buy another house.
kill the debt and be happy your mortgage payment isnt 2300/month :hide:
when the debt is gone, take all that money you were making on payments and SAVE it....then never EVER go in debt again! cash rules!
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Better yet, if you have a spare room let a buddy move in with you. Use his "rent" to apply to those credit card bills. You'll still have your investment (the house) and take care of those bills in the meantime! :highfive:
1 - 20 of 40 Posts
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