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No Go on the Refi

Well I talked to our credit union loan officer on Friday afternoon.  She said they (the credit union) are not writing many loans for more than 90% LTV.  In addition, she stated that since we bought our house only two years ago, it would most likely appraise for ~$20K less than we paid for it.  [...]

Time to refi?

photo credit: woodleywonderworks
Mortgage rates are dropping like crazy.  We’re a little over two years into a thirty year mortgage.  I see that our credit union has a twenty year loan for only 4.875%.  Needless to say, I’ve already put in a call to one of the loan officers.  My only concern is PMI because [...]

What NOT to Do When the Economy Is Bad

photo credit: Mike Licht, NotionsCapital.com
Yeah, the economy is bad right now.  It’s been on the news for months and most everyone is feeling it, either in their pockets or investment accounts.  So here are a few tips on what NOT to do in this sluggish economy.

Live off your credit cards – It’s really essential [...]

Five Signs That You’re Living Beyond Your Means

Yahoo Finance published a good article entitled Five Signs That You’re Living Beyond Your Means.  Here are the five signs as well as measures you can take if you find yourself in any of these situations.

Your credit score is below 600 – If this is the case, the first step is to pull a copy [...]

Benchmarks for Borrowing

photo credit: »Philo
Consumer Reports published an article on the eight benchmarks of borrowing.  I must say that I don’t agree with all of their benchmarks.  For example, they state that non-mortgage debt (i.e. auto loans, credit cards, etc.) shouldn’t be more than 20% of your gross income.  If a person has a gross income [...]

Friday Q & A

Today’s Q & A is related to this week’s homebuying series.  Here are some common questions and their answers.
Condo/townhouse vs house – which is better? 
Well there’s no definitive answer.  Only you know what’s best for you.  Price aside, the main difference between attached and detached housing is lifestyle.  Do you want to share common areas [...]

So You Want a House – Part 4

I may come back to saving on discretionary spending but a convo had with a friend last night makes me think this aspect is much more important.  JUST BECAUSE YOU CAN AFFORD A MORTGAGE DOES NOT MEAN YOU CAN AFFORD A HOUSE!  The fact you that you pay $900/month for rent doesn’t mean you can afford a [...]