KittyCat83

Just FYI ING just got bought out by Capital One

Federal loans should say 24,000 NOT 32,000 (I added my federal and private together )

Second post sorry! Ignore! Can't figure out how to delete it

Here's the deal I bought a fixer upper about 5 years ago, and we have done a good amount of work on it. I refinanced the house last December- mostly to remove my roommate's name and add my fiancee to the deed, but it also brought our interest rate down reducing our monthly payment. We refinanced at 100,000. The house appraisal came back at 135,000. We really need about 10,000 to renovate the kitchen. We do NOT plan on replacing our appliances. Yes, they are old but they still work. We want to rip out all the cupboards because there was water leak before we bought the house. The bottom cupboards had mold in them. We bleached the heck out of them when we first moved in (5 years ago) then we used zip ties to keep the close. We don't use them. It could be black mold. I know that is bad which is why we bleached and sealed them off. We are getting married Oct 2012 and we are saving up for the wedding. We want to have kids not long after that. I don't want to have kids till the kitchen is fixed. Its one thing with adults but not with kids. So we want to remove all the cupboards and replace them. I would prefer to do it this summer. However we can't afford to both fix the kitchen and save up for the wedding. So I was thinking we could get a line of credit for 10k on the house. I've never done that before. This is my first home. I was wondering if its difficult or if I have to go through the same bank our mortgage is through (bank of america)? Here's our financial situation: FI Salary: 47k My Salary: 31k STUDENT LOANS: Private loan: 7,900 through Chase. Min payment is 45 dollars. I'm paying 150 a month. Federal Loans: 32,000, making payments of 280 a month Credit cards: CARE Credit: $500 no interest till feb 2012. Will be paid off before that. Credit limit of 3,500 VA Credit Union Card: 0 credit limit 5,000 Chase Card: 0 credit limit 3,500 wachovia card: 0 credit limit 8,000 FI VA Credit Union Card: 0 credit limit 1,000 FI has 8,000 in stocks I have 300 in a 401k FI started the job he currently has last month. Switched jobs because its closer to home and paid him 15% more in salary. House payment is about $750, 30 year fixed rate mortgage. Also wanted to mention we have credit scores in the 700. Haven't pulled them since Dec, but the only thing aside from the house refinance that has happened since then is credit card debt has been paid off and student loan amounts have gone down. More questions: What bank should we try at? What do we have to go through to get approval? Do we have to get another appraisal? (last one was in Dec). Does the taxes on the house matter.. the city has our house at 114 but it went down to 112 this year... maybe because we refinanced at a lower amount because we only refinanced what we owned on the mortgage? I'm just so confused I don't know where to start or if its as complicated as the first mortgage...

You lose money every month to interest, its best to pay it off as soon as you can. BUT if you don't have much of a credit history you may want to consider only paying the min payment for awhile just to have something show up on your credit.

Is the interest I pay on the private loan tax deductible? Because Chase didn't send me a tax form for 2010. I'm not worried about missing and/or not making payments. I pay things on time, that's how missing payments doesn't happen I wouldn't be willing to transfer the whole of the private loan to a bank card because I'm not sure I can pay 8k off in a year. But I could transfer 4k and I KNOW I can pay that off. And then maybe transfer more? I know there is a transfer fee but its probably cheaper to pay the one time fee then the interest every month... I hear what you are saying that its a bigger risk to take out a home equity loan... but as I intend to pay it and my job is a state job so its stable--- I'm more worried about paying it off faster/reduces interest. And I'd still get to deduct the interest right because its on the house? Also I am so up for suggestions if there is a better way to tackle the interest. Like consolidation??

I have two student loans Chase: 8k -- been paying $65.00 per month on that for about a year and half (they only require 55 payment per month) The interest rate is is about 6.5% Federal loans (subsidized & unsubsidized): 23k. They come out of deferrement in March with a payment of about $270.00. Interest rate of 6.8% I only just got a full time job last Nov. Refinanced my house and got an interest rate of 4.75% which decreased my house payment about 150 per month. The house also appraised higher at 135k and our mortgage is 101k. (no PMI yay!) I have two credit cards: Care Credit (pet medical bill): 1,100. With a year of no interest. I'm making payments of 170 so that will be gone by Aug VA Credit Union: 1,300. interest rate of 9.80%. It was much higher when I was only working part time and I've been making payments of 300-600 a month since I got my full time job. This month I will make a payment of 1000 (tax return yay) and next month I'll make the final payment on this credit card. My credit score is somewhere in the 700. Anyway, that's my situation. I really hope to pay off the Chase student loan this year by making large payments on it after I pay off the Virginia Credit Union Card or at the very least pay off a lot of the CHASE student loan by 2012. With the interest rates being so low I'm wondering if I should refinance the student loans or maybe part of them? I've thought about putting maybe 4k from the chase student loan on a no interest credit card for a year AND paying that part off to save on interest. Mostly that's what I am trying to figure out how to do-- reduce the interest on my student loans so I can pay them off faster??? I haven't looked too much into this. Should I consider getting a home equity loan since my house came back higher than my mortgage? How does that work anyway with Bank of America owning my mortgage? I assume you don't need ALL of your house paid off to get a home equity loan right??? I'm not looking to reduce payments, just interest, even if I did get a reduced monthly payment I would still pay 300-600 more than it required. I really want to be out of this student debt in the next 5 years. And I really want to pay off the chase private student loan this year. Thanks for your help! Let me know if you need more info!!!

Thanks for the responses! She checked with the underwriting department per my request and found out that we don't need to provide 12 months of rent checks YAY

I think I'm getting wrong information from the woman handling my refinance. She is very young and a recent grad and ergh. Here's my situation. I am refinancing my house. Currently myself and my roommate/co owner own the house. My Roommate wants off the mortgage and my fiancee wants on... we all live together currently. I've been told we have to have a lawyer remove my roommate from the house deed and add my fiancee which will happen about the same time as closing which is fine. That's not what the question is about. I asked to be the first name on the mortgage as I currently am the first name and will probably be handling the payments. However they are using my fiancee's income for the mortgage and not mine (I just got a promotion (big difference in pay) and for me to have a two paystubs as they require I have to push back closing. So that's why they are just using his income so we can close faster). My loan Consultant said they can't put my name first on the mortgage because they are using my fiancee's pay. Does that sound odd?? We are equally obligated to pay so I don't think it should make a difference who is co-borrower and who is 1st borrower. Please correct me if I am wrong??? Also she just asked for a years worth of my fiancee's "rent" checks to establish "continuity of obligation" Shouldn't the fact that I have lived in and paid on the current mortgage for 4 almost 5 years establish that? And wouldn't my fiancee be established by the fact that he's my fiancee (there by having a relationship with the current obligor) ? Even more of a question, doesn't the simple fact that I've been on the loan void the need to prove my fiancee's status anyway? Everything I read online said there only needed to be one borrower established as having Continuity of Obligation...??? Thanks for your help!!

Just wanted to add that we have NEVER missed a payment or been late on the house payment. And my fiancee has been at his job for 3 years now.

How much are the minimum required payments on your $2k credit union card & $8k private student loan? The min payments required are a whole 10 dollars. I'm paying between 60-100 dollars on the credit card every month. 8k loan requires a 55 dollar payment per month, I'm paying between 60-75 per month (its a ridiculous amount of time for a loan like 10 years I think. I am sure I'll pay it off much faster than that) How long have you been at the part-time job for? On paper it looks like I've been at this job for 3 years In reality I've been there since January. I work for a university and I changed departments in Jan... but the employer is the same... How much is owed on the mortgage, and how much do you estimate the property is worth? When we got the mortgage it was for 104k (we didn't have to have a down payment it was through VHDA, it covered our closing costs, crazy I know but great loan). When I checked last summer we owed about 102k. So we had paid off 2k in principal. When we bought the property the city estimated the property at 96k, its now up to 110k. There were many new houses built around us that were selling for 300k. I believe they are bringing our house value up. The kitchen in this house is sub-par and needs ripped out (there is water damage.. it was like that when I bought the house, the plan has always been to replace it we just haven't had the money yet. But we worked on the parts of the house we could). If we replaced the kitchen the house would probably sell between 120-130. Is your roommate just wanting off the mortgage & home, or are they looking to be "bought out" by getting some of the increased equity (if any) He gets 1,000 dollars. It would be best if that was included in the refinance of the home. Since we had 2k in equity he's getting half that. Once he decided he wanted out he basically stopped contributing to the upkeep of the house, this includes yard labor and paying for supplies for repairs. So I said that was fine as long as he understood that's where the equity line was stopping for him. He just wants 1k and out of the arrangement.

I already own my house with my roommate of 8 years. The house was purchased for 100k about 4 years ago. My roommate now wants to move over seas. So my fiancee and I want to take on the reminder of the loan (yes a refinance). So the house would be transferring ownership from my roommate and I to my fiancee and I. SALARY I make 800 dollars a month = 9,600 a year (sad I know). I am currently only working part time. I graduated college in August 09 and I've been looking for full time work since. Obviously the job search is not going well. My fiancee makes 40k a year CREDIT SCORE Honestly don't know my Credit score but the last time I checked it, it was in the high 600s. I imagine its somewhere between 680-720 as I am normally about in that range. Credit score for my fiancee is probably the same based on the last time he pulled it. CREDIT CARDS Fiancee just paid off the debt for my engagement ring - ring was 4k I think the limit on the card was 6k. He paid that off in a year before the interest kicked in. He has Credit Union card with a 500 limit that is paid off every month. Yes sometimes he is at his max, which is bad I know. He is thinking about getting a higher credit limit so that he doesn't look like he carries a high balance (not so he can charge more) My Credit Union card has a 2k balance. It has a limit of 3,500. I've been working on paying that down but its hard with this really bad income. My Wachovia card has a 8k limit and a zero balance My Chase card has a 3,500 limit and a zero balance My lowes card has a 300 limit and a zero balance LOAN DEBT I have 23k in student loans from the govt, All of which are currently in deferment. And will stay that way until I find a full time job. 8k private student loan debt from Chase (for a study abroad) which I am making payments on every month. Fiancee has zero loan debt. INVESTMENTS I think he has 6k in stocks He has 1,500 in euros in an overseas account BANK STATEMENTS I average between 200-600 per month in my account He is averaging between 600-1,600 in his account depending on the month. (he's paying for groceries and pet supplies and any home improvements since I can't so some months are harder than others). In a perfect world, I'd wait to get a full time job, I'd pay off my credit card and have made six months of payments on my student loan before applying for a mortgage. But this isn't a perfect world. I may not find full time work for another year in this economy. My roommate is itching to move out by January. And my Fiancee (the only one of us with a decent income) isn't getting the tax benefits of house ownership even though he's paying for any improvements to the house. Basically I need this to happen sooner rather than later. I really thought I'd have a full time job by now but I don't. I want to know if my debt is going to get denied for the loan... Thanks for any input!!!

called my school and asked about them. Seems my school is a direct lenders of stafford loans, and I'm already maxed out. Sigh

I was curious if there was different requirements for approval for personal loans vs. student loans? Was also curious if you choose to pay interest upfront if that makes the student loan easier to get? I have a FISCO credit score of 689, about 4 years worth of credit history and an income of 14,000 a year (student worker) My boyfriend is willing to co-sign he has a FISCO credit score of 735, 40k income, I think 3 years worth of credit history. We were denied for a student loan at both chase and wells fargo... trying to figure out what my options are. I graduate this August, and I'm employed (not a high paying job but oh well) so i could start paying monthly payments right away. I need about 8k. (for more details why read my other post) He also has 3.5k in bonds that we could use as collateral. I really need this money. I don't want to get screwed by a ton of orginiator fees so I am trying to avoid Sallie Mae. I'd love to try Discover student loan but I don't want too many pings on my credit report and I think if Chase and wells fargo denied us then discover probably would too.... thats why I was thinking maybe we should try for a personal loan instead??

I know you have to fill out the FASFA for a stafford loan... I thought the schools automatically offered them.. now I'm thinking I was wrong? Do you apply for stafford loans through a bank? Can you apply for one for half time enrollment for the summer? (for a study abroad) If so, which lenders are the best to go to? ARE THEY HARD TO GET?