aronte850

They're going to give me some of the money to pay down some debts. And they want to do some upgrades to the house as well as have some money on hand. They have also agreed to let me help them clean up their reports. Credit card utilization is dropping my score and ruining my DTI. The CU called my dad and the loan was denied because of his credit score - no surprise. Do you think if my name was added to the deed and I applied for the loan alone I could get approved? I would be using at least a 1/3 of the funds to pay off debts greatly reducing my DTI. I would inform the lender of my intentions and they can write the checks directly to the creditors.

Wow, definitely not the answer I was expecting! I applied on yesterday but we haven't heard anything back from the CU yet. So a denial won't be a surprise. Thank you for your feedback.

My parents want to take out a loan on their home. They have no mortgage or car payments. My dad works and his gross income is about $3000 a month. My mom doesn't work and has no income. They both have terrible credit (scores in the 400s) due to medical collections. The only payment they have monthly is a line of credit with a furniture store...about $250 a month. My dad has been with the same job for the past 15+ years. I am willing to be a cosigner. My Equifax score is 650 but DTI is kind of high...about 50%. I have no late payments, collections or judgements. None of us have ever filed for bankruptcy. I have been with the same job for 10+ years. I applied thru a local credit union who I have banked with for 15+ years. I have had/have three car loans with them. All except the current one have been paid off. I also have had a line of credit with them that was paid off. The house is worth $80,000 and they want to borrow $50,000. What are their chances?

And I also have to pay an orignation charge of $675 and $1068.86 for the interest rate of 3% ($1743.86) so my total settlement charges is $6641.38.

Oh and the refinance is for a 15-year term (would increase my currently monthly payment by only $100).

Please review my GFE for my refinance of an existing FHA loan (current loan is 30 year term at 6%). I have been paying the current loan for nearly 4 years. I have the cash on hand for closing costs but is it possible to get the closing costs rolled into the loan? What would you recommend? Your advice is greatly appreciated. Thanks! Estimated Adjusted Origination Charge: $1743.86 Discount Points - $1068.86 Underwriting Fee - $300 Processing Fee - $375 Estimated Required Services that Lender Selects: $42.10 Credit Report - $18 Flood Determination Fee - $7 Mortgage Insurance Premium - $17.10 Estimated Total Required by Lender to be Paid in Advance: $1143.28 Prepaid Interest Amount - $224.28 Hazard Insurance Premium - $919 Estimated Total Reserves Deposited with Lender: $890.66 Hazard Insurance - $153.16 County Property Taxes - $1197.04 Aggregate Adjustment Amount - -$459.54 Estimated Required services Borrower can shop for: $85 Tax Service Fee - $85 Estimated Total Title Charges: $1514.50 Settle/Close Fee - $450 Lender's Title Insurance - $1064.50 Estimated Total Government Recording & Transfer: $1221.98 Recording Fee - $265 State Tax/Stamps - $609 Intangible Tax - $347.98 Estimated Funds Needed to Close: $5641.38 Refinance - $170017 Estimated Prepaid Items - $2033.94 Estimated Closing Costs - $3521.48 PMI, MIP, Funding Fee - $17.10 Discount (if paid by borrower) - $1068.86 Total Loan Amount - $171017 Estimated Total Monthly Payment: $1483.68 Principal & Interest - $1181.01 Real Estate Taxes - $149.63 Hazard, Flood, Wind Insurance - $76.58 Mortgage Insurance - $76.46

So I contacted the loan officer who did our original loan and he gave me two options: (a)30 year loan - $200-$250 monthly savings (b)15 year loan - $100 additional monthly I am likely going to go with option B. Although initially my intent was to reduce monthly expenses, paying off my loan in 15 years is a lot more enticing (the house will be paid off the same year my daughter graduates high school). Thanks, guys.

I have been evaluating my monthly budget and trying to determine ways to reduce my monthly expenses. One idea came to my mind was to possibly refinance my house. I'm 32 years old, and my husband passed away 2 years ago from leukemia (he was 31 at the time). So it's me and my 3-year old daughter now. We purchased the house September 2008 (FHA loan). The original loan was $180,097 at a rate of 6%. The balance of the loan now is $170,246. My monthly payment (principal and interest)is $1080. My MIP is $78.56. My current DTI is about 44% and I have a decent savings (if I needed to pay closing costs or something). Oh and my Equifax FICO score is a little over 700 with no late payments, no collections and no judgements. What are my options? I read a number of posts about FHA streamlining but MIP insurance increasing. Please advise (and provide calcs and rough estimates if possible). Thanks.

I was recently in a car accident where the other guy was at fault. His insurance company has decided to pay to get my car fixed instead of totaling it...at least that's the decision for now. The cost of damages are significant and my lawyer is going to pursue a diminished value claim once my car is fixed (if the company doesn't decide to total my vehicle by then). Regardless of how the cards ultimately fall, I intend to get rid of this car once everything is squared away with this accident even if it's not totaled. Anyways, I took out a loan at my credit union, using my car as collateral earlier this year. My car was paid for. I own a 2009 Toyota Camry and the balance of the loan is about $7K now. I have a significant amount of savings and I am trying to decide if I should just go ahead and pay off the loan now to remove another factor (the CU) from this mix) or just wait. The $7K will nowhere near deplete my savings. What would you do?

I was recently in a car accident where the other guy was at fault. His insurance company has decided to pay to get my car fixed instead of totaling it...at least that's the decision for now. The cost of damages are significant and my lawyer is going to pursue a diminished value claim once my car is fixed (if the company doesn't decide to total my vehicle by then). Regardless of how the cards ultimately fall, I intend to get rid of this car once everything is squared away with this accident even if it's not totaled. Anyways, I took out a loan at my credit union, using my car as collateral earlier this year. My car was paid for. I own a 2009 Toyota Camry and the balance of the loan is about $7K now. I have a significant amount of savings and I am trying to decide if I should just go ahead and pay off the loan now to remove another factor (the CU) from this mix) or just wait. The $7K will nowhere near deplete my savings. What would you do?

Hi, all- I was recently in a car accident as I was headed to work one morning. A guy ran a right light (attempted to turn right) and my front end collided with this driver's side. Both of our vehicles were towed away and he was issued a citation for running a red light. Well, a long story short, I received the estimate of damages for my 2009 Toyota Camry from his insurance adjuster on yesterday...nearly $9K in damages with an estimated completion date 3 weeks away, the damages to my car included a cracked frame which concerned me. The guy tells me how they tested the frame and it passed some sort of JD Power & Associates reliablity rating or something to that effect. Has anyone ever heard of this? I am wondering should I push to have my car totaled? I know why they wouldn't total it because repairing it would be less expensive than paying me the Blue Book value but I'm concerned about continued problems that I will have to repair (I bought my car brand new off the lot in 2008 and have been making sure it's been serviced and properly taken care of over the past 3 years), safety, and this significant ding on my car's history (what if I decide to trade it in or sell it in the future). Someone please give me some advice. I'm so confused and frustrated.

Hi, everyone. I am so disgusted with myself! I lost my USB port that contains prior years tax documents, budget information, some personal journal entries, etc! My main concern are the tax documents because they have my SS#, my 18-month old daughter's SS#, and my deceased husband's SS#! I usually am a very careful person but my 31-year old husband passed away June 7, 2010 and I have been just out of it since. I want to sign up for a credit monitoring service to monitor my credit report at least for identity theft...I have no idea what to do about my monitoring my daughter's social b/c she's only a toddler. So I guess my questions are: 1. What do you think is the best course of action to monitor our credit at attempt to curtail identity theft? 2. I am thinking I should pay for a credit monitoring service (MYFICO or Equifax) to monitor my credit report - what do you think is the best product? 3. What do I do about my daughter since she is only 18 months old? 4. What should I do about my husband? Although he's deceased, I am still concerned. Is there someone I can contact and provide a death certificate or something to "freeze" his social from credit inquiries? Please help!!!!!! I feel like such a doofus!!!!

A collection agency/creditor contacted my 36 year old 1st cousin at her home in regards to a delinquent account. Well, she told them that she didn't have the money to pay and she'd get her grandfather to pay it (just to brush them off). Well, the collection agency/creditor contacted my 81-year old grandfather and told him that his granddaughter told them that he would pay the debt!!!!!!! Mind you, the account is solely my cousin's and has NOTHING to do with my grandfather! And the only reason that they have my grandfather's phone number on file is because my cousin used to live with my grandfather. My grandfather felt some pressure to pay it but he decided to first consult his daughter (my mother) about it and he also told my cousin what happened. Isn't this some sort of violation or something?

Just my story....I am 29 years old (will be turning 30 next month). I married the love of my life last year (after dating for 7 years), we bought a house last year, and our first child was born this year February. My husband and I had discussed buying life insurance when we first bought the house last year but we only got around to actually purchasing policies on each other March of this year (while I was out on maternity leave, I insisted that we go ahead and take care of it since we both had hectic working schedules - each of us holding a PT and a FT job and the fact that our daughter was born we needed to be sure that she would be taken care of financially in the event that something happened to one or both of us). We took our physicals and we each purchased a 30 year term life policy in the amount of $500K which would cover the debt of the mortgage loan, car loan, funeral expenses, credit card debts, and college and other expenses for our daughter. My monthly payment is $25 and my husband's is $35 (his is a little higher because his cholesterol levels were a little on the high side). May of this year my otherwise healthly 30-year old husband was diagnosed with leukemia. That's when it hit home...it became more real. Fortunately for us, my husband works at a very well-established privately owned company that provided disability insurance for him that covers his salary 100%. Thank God. With open enrollment for my job approaching, this life changing situation has also made me realize the importance of disability insurance for myself...I plan to purchase some. My husband is currently in remission, done with chemo and back at work PT. Thank God. But the moral of the story is that you're never too young and you should think realistically about what best suits your needs in the way of life insurance and other insurance. Although my husband and I had been together for a while, life insurance only came into play when we got married and accrued joint debts and when we had a child. Of course, we have other small policies through our jobs where our parents or siblings are the beneficiaries (we've never bothered to change them). But our intentions were to make sure that our debts, funeral expenses, and most importantly our daughter would be taken care of in the event that something happened.

I am married and I want to apply for a personal loan (not a joint loan). I live in FL. I have a mortgage and a furniture account on my credit report that are both considered as joint accounts. If I am considered liable for only half of these payments, my DTI is fine. However, if not, then my DTI sucks. How will the payments for each of these items be considered for the purpose of calculating my DTI ratio?