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Everything posted by sabwafare2001

  1. Wanted to get some opinions...... I have about $3500 at 3.88% to pay off my student loans. I'm paying $124 per month so I have a little over 2 yrs left. Currently my credit scores are in the 620 to 650s. I have the following credit cards: Capital One: 9700/10000 Credit Union: 2700/5000 Nebraska Furniture Mart: 600/3000 I was thinking about using the funds from the student loan to pay down the credit cards or having more cash flow in general. How will paying off student loans affect my credit score?
  2. Sorry about the lack of info, I'm kinda embarrassed. My credit scores are in the 620s to 650s. Down because of high CC utilization. I've only applied for one BT card so far and got denied. I fear applying for others will yield the same outcome. Also personal loans will have a higher interest rate than the highest CC. I have not inquired about a personal loan from the credit union. I have 2 credit cards with balances: Capital One 9600/10000 at 25% Credit Union 2700/5000 at ??(mid teens) Nebraska Furniture Mart 650/3000 at 0% The Cap One started out as 0% for 12 months, but didn't payoff in time. There was a big reason why it was not paid off which will not occur anymore. Also We have cut a few of our expenses to have more cash flow and the 401k loan being paid off in about 5 months would yield about $190 extra per month. However I do realize if we do sell our home this summer and move into an apartment temporarily, that would remove all debt. The balance in my 401k is about 39.5K
  3. Reason I suggested a 401k loan is because I currently have one that's almost paid off. Used it for a down payment on our current home about 6 yrs ago. Therefore I not that worried about tax implications. However I understand why it's a bad idea. Although it ended up being a good investment since we have 100K+ in equity at the moment. Because of that we would have the equity as reserves from the sale of our home.....if we do sell. I understand about the credit card interest rate and I let it get out of hand by not paying it off. Also haven't been able to fully recover after bankruptcy un 2015 to obtain a card with lower interest rate.
  4. I have some credit card debt for one card to pay off or pay down and the 25% interest has kicked in. I'm looking to eventually apply for a mortgage and would like to be in the best position possible. I would like to know the best method to pay it down: 1. Simply paying down the debt. At the moment the interest is higher than the principal. At the moment I cannot pay more than the minimum amount due. 2. Apply for a card with 0% for a period of time to transfer the balance. 3. Use a 401k loan at 5.25%. The monthly payment will be less than the credit card up to a certain point. It also will become income if I change companies. I positive thing is that the loan will not show on my credit report.
  5. To avoid the PPP I would try to simply keep the house rented until a year after the rate renew. Which means a would try to sell toward the end of 2010. According to zillow, which I know may not be a good reliable source, I am upside down about 10 to 15K as of this time. That is the main reason I may not sell it soon.
  6. Hello, Back in July 2007 I financed a 100% interest only loan through ING Direct and National City. As of this time the payments are as follows: ING Direct: 80% LTV @ 6% 5yr IO w/mature date 7/2012 - original amount $162700, current amount $162585 - Monthly $813 - I pay $820 National City: 20% LTV @ 5% Line of Credit 7yr IO mature date 01/2016 - original amount $40650, current amount $39049 - Monthly $160 - I pay $320 I would like keep my Nation City loan, unless a better option comes up, since I have been lowering my interest rate which as currently now 5% and because the house sold be sold or loan refi'd before mature date. I now have the option of during a rate review(costs $750) with ING Direct to lower my rate to 5% which makes the interest only payments at $677/mon. This loan would not mature until 04/2014. I would still make a payment of $820 which means it would take about 5.5 months to pay back the $750 to myself. ING stopped doing the IO plan after I submitted for this. I called about 3 weeks later when rates dropped, but after they stopped doing IO and they offered me a principle and interest with the same terms for $870/mon. I have not received the rate review letter displaying the interest yet, but it will after the first letter expires on 4/1/09. For both rate reviews, there will be a 3% prepay penalty if loan is paid off with the first year. So the question is, which would be a better deal to go with the IO or the PI payment? Should I keep what I have or is there a better solution with another lender. I now rent this house out in Tucson and hope to sell it to break even or have a little equity once the market picks back up. Since I now live in near Dallas I wouldn't want to keep the house any longer than I would have too. Rental property is ok, but it's could be more difficult since I don't live in the state. If I choose to do one of the rate reviews, hopefully the house wouldn't be sold not until a year or more to avoid the penalty.
  7. A little update..... The withdraw fee will be $500 instead of $300 because I have two loans. $250+$250. The price change was made June 30th and I found out about it on 7-7. If I was told of the decrease before 7-6, they would not have been any issue meaning the lending would have stopped the finding of the loan. I feel it would be fair to compensate me for the cost I will inquire as a result of them not informing me
  8. Tomorrow (7-11-07) I was suppose to have my orientation and then visit the Title Office to sign the docs. However there was a price decrease of 7K for my floor plan. I found out about it on 7-7-07. Well since my lender has already sent the documents to the title company, now the docs has to be sent back to the lender and other parties because of the contract change. I will now be charged a redraw fee of $300, which will be included in my closing. Am I responsible for paying this? What if the price change happened weeks ago and wasn’t given notice of the change by the sales office? Is it the seller’s responsibility to give notice of a price decrease? Other info…I am suppose to get my keys on the 18th and this may delay that.
  9. Thanks for the reply. The minimum payment on the CC is about $30. The interest rate will kick in May at 9.9% and the limit is 15K. The min. for my student loans are about $80. Concerning the 100% with no PMI, the lady said they no charge it because the investor doesn't require it. I don't have a GFE for this loan but it the interest rate was 6.375% with 0 pts. and 6.0% with 1 pt. The note came out to be $1270 with taxes, HOA, etc. included. Other than that I would have asked for a 80-20 or 75-25. My reason for going with this program is that I don't except to be in the house more than 5 years. However if I am here more than 5 years, I get 3 to 5% raise on average every year that should keep up with the possible adjustments. Also, I am trying to have more cash flow because of my Auto Loan at 7%, to pay off debt, save money, and lastly the wife. I hope to be debt free with the exception of a Mortgage by 30(6 more yrs.). I do plan to pay an extra $100 to $150 on the 20%, which is at a higher rate. Any advice would be good
  10. Please provide any feedback of my GFE from Custom Home Lending. Also, I spoke with another lender that said they do not charge PMI on 100% financed loans because they are allow to do this. How can this be? My FICO is 743, income is 63K, has CC debt under 1K, 16K in student loans, and an Auto Loan of $540 or 30K. Purchase Price $210,433.00 Program 1st - 5yr. LIBOR ARM I/O Program 2nd - Loan Amount 1st - $168,346.40 Loan amount 2nd - $42,086.60 Discount Points 1st - 0.000% Interest Rate - 6.000% Discount Points 2nd - 0.000% Interest Rate 2nd - 8.125% 801 Origination Fee - 0 802 Loan Discount - 0 803 Appraisal - $350.00 (Document Prep, Processing, Underwriting, Flood Cert., Tax Service Fee, Credit Report, Wire Transfer Fee) - $699.00 1100 Title Charges 1101 Closing or Escrow Fee - $350.00 1105 Doc Prep Fee - 1108 Title Insurance - $600.00 8.1 Endorcement - $180.00 1201 Recording Fee - $60.00 Total Closing Cost - $2,239.00 900 Prepaids 901 Interest for 15 days - $415.10 902 Mortgage Insurance Premium - 903 Hazard Insurance First year -$500.00 905 VA Funding Fee - 1000 Reserves Deposited With Lender 1001 Hazard insurance for 3mn. - $125.00 1002 Mortgage Insurance - 1003 School Tax - 1004 Tax impounds for 4 mn. - $561.15 1005 Floor Insurance - Total Prepaids - $1,601.26 Down Payment - 0 Total Closing Cost - $2,239.00 Total Prepaids - $1,601.26 Total Discount Points - 0 Seller paid - 0 Earnest Deposit - $(5,800.00) Total Cash Required at Closing - $(1,959.74) 1st Mortgage IO - $841.73 2nd Mortgage - $284.96 Taxes - $140.29 Insurance - $50.00 Homeowners Association - $30.00 Total House Payment - $1,346.98
  11. I make about 5K/mon. and looking (hoping) to purchase a house summer 2007 or sooner. I work as an Electrical Engineer in AZ for less than a year(10mon.) and married with no kids at this time (maybe in 1 or 2 years) and 23yrs old. Wife doesn’t work and didn’t come with any debt. Currently I live in an apartment paying $810 for 7 months now. Right now I am very hesitate to buy a house because of how high of a payment a house can be. Also, I think one of my savings accounts may have to go away or be depleted after buying a house. My credit score now is 737 and should rise as my balances decrease. The house I’m looking to buy is 220K which is perfect for the size for us and one that we can stay in until we leave AZ. The monthly payment I received for this price for different types of loans ranges from $1200 to $1600 with average property taxes and insurance included. I was told that I quality for more than this amount because of my credit score. After buying a house I only would have to buy about two bedrooms of furniture, so it’s really not much. I also get raises from 4% to 10% each year regularly not including promotions. As far as my history goes, I have paid off a car and a few credit cards over the last 5 years. Also, I have a few credit cards open with no charges or balances. The questions are as follows: 1.For income tax time, should I use the money to help decrease my monthly payment on my car or should I use it to put towards paying points off of the interest rate? 2.In a normal situation, will I have enough money left over to live comfortably? Well, would you feel comfortable? 3.Should I concentrate on buying off my debt instead? 4.Should I wait longer until buying? 5.What other advice do you have? Monthly Debt: Chase CC - $26(8.9% rate starts May 07) - $1200 balance – 10K limit Car - $540($270 biweekly) – 32K@7% 6 years left Student Loans - $75(will rise to $147 in 2yrs.) – 16K Monthly Savings: HSBC Direct: $150(biweekly) – 8K(5.05%) 401k: $94(biweekly) – 3800 CU: $100(biweekly) - $300
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