Posts Tagged ‘Should’
Date : March 10th, 2010Category : UncategorizedAuthor : Editor
My husband is planning to retire in 3.5 years. He wants to move to a city with an international airport. We currently live in a small town about an hour away from a small airport. There’s a condo auction this coming Saturday in Memphis. We were there in December and happened to love the condo. We’re at a really nice place now as we have virtually no debt, other than 3 more years of college for his daughter. No mortgage, no credit card debt, no loans. I love not owing anything. We have invested quite a bit for the last few years. He will have a pension of approx. 50% of his base pay, and a 401k plan that we’re not touching until I stop working. I’m only 42 and I plan to work for another 5 years at least. He really wants this condo. I would like to have it but we would have to finance it for 15 years. The bank is offering 4.875% financing. We can probably put down $100k. How can I let go of the freedom and buy this condo? And is it wise to put down that much money or just save our money and use the bank’s money? I don’t mind disclosing exact figures, but would rather not do that here..Please post your answers/comments first and then Email me at devries992002@yahoo.com Thank you – Pondering Penny
The bank is one that has offered its services to finance this particular condo at 4.875% for 15 or 30 years depending on the down payment. This condo has 35 units and has only sold 4. Is this a good or bad sign? They’re lovely condos but were a bit pricey if you ask me. Is it likely that they’ll go for cheap?
The bank is one that has offered its services to finance this particular condo at 4.875% for 15 or 30 years depending on the down payment. This condo has 35 units and has only sold 4. Is this a good or bad sign? They’re lovely condos but were a bit pricey if you ask me. Is it likely that they’ll go for cheap?
Tags : condo, Should
Date : March 9th, 2010Category : UncategorizedAuthor : Editor
This has not been proven to me yet in a written report, which I am currently awaiting, only via a verbal opinion. I am, however, getting my current single glazed units replaced with double glazing, which I am being told will solve the problem. I pay for insurance through a common factor. I would’ve thought that if I pay buildings insurance, it would cover me for this. Any ideas? PLEASE!!!!!!!
This has not been proven to me yet in a written report, which I am currently awaiting, only via a verbal opinion. I am getting my current single glazed units replaced with double glazing, which I am being told will solve the problem. I know the I am not covered by insurance to replace the windows. But I pay buildings insurance through a common factor. I would’ve thought that if I pay buildings insurance, it would cover me for the repairs to my neighbours property. Any ideas? PLEASE!!!!!!!
Tags : below., buildings, causing, Cover, dampness, Insurance, neighbours, Should, This, Windows
Date : March 8th, 2010Category : UncategorizedAuthor : Editor
My parents are in their early fifties and have taken on some serious debt from their investments. They were originally pretty comfortable and in fair financial shape, but they lost a lot of money from WaMu and their stock investments. They then decided that the way to get out of it was to invest their remaining money and get loans from the bank to invest in all the foreclosed and cheap real estate available because of the mortgage crisis. Their plan was to buy these properties and rent them out to people, but the people they rent out to don’t have good credit and keep not paying rent for months at a time or running out on them all together. They’ve pretty much gotten to the point where the bank refuses to loan them any more money, and they’ve acquired about 4 or 5 of these rental houses. They’re also carrying high-interest credit card debt.
They’ve now come to me asking if I will basically take out a loan from the bank to “buy” one of these properties from them. They’d basically use the money I would get from this loan to pay off some of their high-interest credit card debt, and transfer the title of the house to my name. They would take responsibility for paying back the loan every month. They say that it would be beneficial to me because it would be adding to my credit history while I wouldn’t have to do anything, basically, except allow them to use my name to get a loan.
I don’t know what to do. I’m very wary about this because I’m about a year out of college, have never bought property or taken out a loan on anything before, and I make about 47,000 a year in a big city and am single without children. I wouldn’t be using the house that they’d transfer to my name, since I don’t live near them. I think they’d continue to try to rent it out.
I feel obligated to let them do this because my mom did spend probably tens of thousands of dollars on me up until I graduated college and we are family. However, I don’t want to potentially ruin my credit before I’ve even had the chance to use to any large degree yet. II might want to buy a house or condo in the next couple of years and I’m wondering if this will affect my ability to do so, if I already have a house or loan out under my name.
Also, they’ve made some really risky and bad decisions about money in the past, so I don’t want them to pull me down too if they can’t make the loan payments or make other bad decisions.
Also, if I let them use me to do this, I would feel like I should have a say in their future financial doings, which they might ignore or resent. I don’t want them to keep buying properties or investing in things they can’t afford, and I don’t want them to keep lending to people with bad credit.
Please give me some thoughtful advice about what to do! I’m just a kid out of college with my first real job, and I have no idea about getting loans from banks and my savings total to less than $5,000. I’d appreciate any help!
Tags : Loan, Name, Parents, Should, Take, under
Date : February 25th, 2010Category : UncategorizedAuthor : Editor
If we’re going to bail out people who bought more home than they could really afford, and let them live in those homes, while the rest of us who rented small, affordable apartments stay in them, then at the very least shouldn’t the government get a lien on the homes of the people who receive that aid, so that if the value goes up, the govt can get some of the $ back and pay down the national debt?
Jake, the market was overinflated so much for so long and, you’re a contractor – you rode the wave.
Tags : form, Mortgage, Relief, Reverse, Should, underwater
Date : November 28th, 2009Category : Buy to Let Building InsuranceAuthor : Editor
It seems like a tough dilemma in some ways. You want to own your own property, which means that you have to invest quite a sizeable amount of money in order to achieve this. You could get a mortgage, but do you really want to have the bank rule your life for the next ten, fifteen or even twenty-five years? Probably not. But look at the alternatives and you will see that a mortgage isn’t necessarily the devil in disguise.
In order to buy a property without a mortgage you only need one thing, but you need an awful lot of it. Yes, you guessed it. You need money. Do you really have the full asking price of that property available right now in cold hard cash? And bear in mind that that isn’t all you will have to shell out before your name goes on the deed. There will probably be surveys, fees and various other things that you have to pay for, all of which can add several thousand dollars onto the amount that you thought you were going to have to spend.
Getting a mortgage in order to buy a property doesn’t eliminate these extra fees. You will still be liable for them, and when you get a mortgage you will actually end up paying the bank far more than it loaned you in the first place because of the interest payments. However, without a mortgage, can you really afford that property?
If you can, congratulations. You are one of a very small minority in the world that has enough money to buy a property without having to borrow any from a third party, such as a bank or lending corporation. However, if you can’t, a mortgage offers you the opportunity to get onto the property ladder without having to save for forty years or more first. Yes, you will end up spending a lot more on your property than the original asking price, but you will at least be in your property, albeit a property that you own jointly with the bank. At the end of the repayment period you will own that property outright and you can consider the extra money you have paid as the price necessary in order to get into a property of your own when you did, rather than having to wait.
A mortgage is often seen as a nightmare – a debt that sticks by you through thick and thin and can easily take your home from around you. However, a mortgage is also often the only way that you can afford to get into a property of your own and you can often choose the terms so that you have a lot of leeway with repayments. You effectively choose the size of your payment, and you can even choose a fixed rate mortgage that means you will always know how much your monthly mortgage payment will be, rather than having the stress of wondering whether interest rates will cause your monthly payment rise beyond your ability to pay it.
Tags : Into, Life, Mortgage, Should
Date : September 26th, 2009Category : Buy to Let Building InsuranceAuthor : Editor
My parents took half of the value of their property (they were mortgage free) so that i could buy my first house. They had Interest only for 2 years, which is now coming to an end. So i own my property outright, but i obviously have to repay them !
The trouble is im sooo confused about the different types of mortgage that are available, what do i need if i own the property outright ? i need to take around 68k out of my property to pay them back, my house is probably only worth approx 75k at the moment (we still have a little work to do on it)
Im sure i want a fixed rate mortgage but im not classed as a first time buyer, or remortgage or buy to let or anything else !
Is equity release the only way ?
Tags : Mortgage, Should
Date : September 16th, 2009Category : Buy to Let Building InsuranceAuthor : Editor
We are 6 months behind on our morgage, which is $1,100 a month. I am a single parent who is a full time student, my dad lives with me and we live off his $3,000 a month. I recently got divorsed and the house was left to me. I tried to get my morgage company to work with me when I was behind 2 months, but they wouldn’t. I was willing to pay off what we owed in payments, but they would only accept the full amount, which I just couldnt do and thats how I got into this whole mess. We cannot afford the house anymore and I really don’t want to mess up my credit with a foreclosure. I have looked into some places who will buy your house from you with the offer they make to you, but I don’t know if I should do that. Should I try to sell my house by myself? I cannot afford a agent to sell it for me and I also need to sell it fast. My ex-husband had kept the letters from the morgage company from me and I didn’t know that we had until the end of febuary until my house goes up for auction. Help!
Tags : Foreclosure, Home, Into, Should
Date : September 10th, 2009Category : Buy to Let Building InsuranceAuthor : Editor
My mom and step dad can no longer make their mortgage payments and are looking at living in a trailer park. Should I buy their home and let them live there for free?
Tags : Dad's, Free, Home, Live, Should, Step, Them, There
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