Chelavictim

Many thanks, Danielle.

any ideas?

I took an FHA mortgage in 2008 and streamline financed it in 2012. Is the 5 years of PMI requirement applies to 2008 or it re-starts again 2012 (i.e.,Do I have to pay PMI until 2017 even I owe less than 78% of my original loan right now)? Thanks for your time.

The federal guidelines do not require this, but there's nothing that states that an individual lender may not calculate this in the front or back end ratios. Also, the individual who mentioned 401k loans being counted as income is either confused about the type of withdrawal or needs a new tax advisor. Hey Qwerty...that was me...I must have misunderstood what he was saying as I had two seperate advisors tell me the same thing...that said I will be finding a new tax person next year regardless Maybe this is what my advisor was referrig to... 5. You could end up in a higher tax bracket If you were maxing out your 401(k) contributions to put you in a lower tax bracket, you won’t receive that benefit after you take out a 401(k) loan. Your payments to the loan are taken out post-tax and you can’t claim them as a deduction on your tax return. If you get a loan from a bank or somewhere, your payments are still taken out of post tax and you cannot claim them. But when you have a home, you can claim the interest on mortgage.

your 401K company has advisers and you should talk to them before going further. If you are not retiring in a few years and your job is relatively secure, I don't see why not take the loan. Loan is not income and not taxed (only if you withdraw, you pay taxes). Since your monthly payments are going down by not paying rent, just pay the loan back as soon as you can. Since you need the loan, better to borrow it from yourself.

If there are no fees and no other good alternative, I don't see any problem for $9K. Only thing to consider is the increase in the value of your retirement fund, which makes you lose. But it may go down as well, which helps you since you can buy it back at a cheaper price. Just watch the values and pay the loan and buy them back so that you can actually make money from it.I took a loan of 8K in Nov. 2007 and paid most of them back in 2010 and bought the equity back at a cheaper price (90% of my retirement fund is in stocks) so it was a good deal for me.

Shame. i am sure the interest rate is very high on that too. I just paid of one of my private student loans. I paid almost 3 times the amount I received (just interest and principal) in 10 years. The story was updated and the loan was forgiven for that student. It has to be news to do something for the private student lenders.

Thanks Brian. I wish I had known that.

I just talked to a Chase Rep. who told me that for FHA loans, it does not matter which day of the month your loan is paid off, you will be charged for the whole month interest on the mortgage? is that right? It did not seem fair, but I was wondering if it is the case. The reason I am asking is that our loan was paid off on March 8 and $1300 interest charged, which is for the whole month of March. I was under the impression that there should be only 8 days of interest since the whole mortgage amount was paid off on March 8. I also made monthly payments for Feb. 1 and March 1. So I paid 90 days interest for the mortgage owed for only 68 days. Plus the whole month of March MIP, plus a $52 recording fee whatever it means.During the closing of our refi I also paid 22 days interest for the March. 22 days of double interest payment. It is like taking another $1000 from me unfairly.

If it Experian has dropped the original loan, the others will do the same soon. There seems to be a lag. I refi'd in early March and still reporting the originals. Another thing I found out, once you paid off the original loan, the owner takes its time. Ours is paid off to Chase, but chase is taking its time and not updating it although it used to update it as soon as new statement was cut (also it charged me the whole month of interest instead of 5 days, and not refunded it so far; maybe something to do with updating).

I opened an account w/ PSECU and get the Fico score, thanks. I already closed my Wells Fargo account when they sent me a notice of their monthly $7 fee for my checking and it seems like every bank (Citizens bank in my area already started charging outrages fees last year)starts charging fees for the accounts (thanks to Oligopoly in the banking industry, like an airline company starts charging baggage fees and other airline companies start charging fees) I needed to pay for our mortgage closing and the closing company requested a cashier's check. I had to transfer money to PNC to get the cashier check. I am not sure how I can handle if I suddenly need more money than my PSECU's daily atm limit. Do you guys also do banking with PSECU? How do you handle it if you need large amount of money or cashier checks, etc., given that PSECU does not have any branches?

the new insurance is for the bank, correct? when you first buy a house that insurance remains in effect until you sell? Seems to be. But when you refinance, the new one is issued. The closer told us the previous one is no longer valid.

Thank you all for your help and taking time to answer my questions. You have been great help and I really appreciate your time and knowledge. We just closed and our previous mortgage is paid off (interest rate is down to 3.75% from 5.5%, but a little higher MIP, 1.1% instead of our old 0.55%). Chase immediately cut my online access to our mortgage (that was fast, but that's what I expected from Chase that denied my two applications for a streamline refinancing although we met all the requirements for streamline refinancing, which worked out better since I got a lower interest rate than what I would have gotten from the Chase during the time of my applications). Thank you again.

In addition to so many difficulties these private student loan companies cause to the borrowers, they charge too much. I just paid off NCT private student loan. In 2001 I borrowed $24K. They cut 5% of the loan immediately before even giving it to me so I got $22800 (I think it was closing cost or something). No late payment or fees and started paying it off in late 2002. I only had about 6 months forbearance in 2006. I just looked at my monthly statement and I paid about $30K for the principal and $17K for the interest ($47000 for a $22800 loan in eleven years). I looked at the truth in lending statement and it does not mention that it could have cost me this much. I am sure these private student loan lenders have all types of tax exemptions too. It seems to me it is so costly. I still have 3 more student loans to pay off and don't want to look at how much I have paid so far (I am sure I already paid more than the double based on the NCT loan which was borrowed during the same time as the other three). I looked at the stock mkt return for the last 11 years and there is no way they could have made this much money. Since the loans were private, i was not able to take advantage of any government consolidation program either. I am in public service for ten years and was not able to take advantage of loan forgiveness program since they are private. Is it me or these private student loans are so expensive?

I don't think the card exist since HSBC card services sold to CO. My statement is just cut with only 1% reward. I called the customer service again and was given hsbc reward program phone # 800-944-0076. Wow. I ended up with a rude CSR who said she could not help me at all as those cards are transferred she does not have any information. End of 2% weekend rewards.