Payoff and close?
by Scott Bilker
Scott, I heard you this morning on the radio and didn't get a chance to call in. I had a quick question. Once I pay off my credit cards, does it help my credit to leave that account open, or should I close this account? Thanks. --Nathan
Affording a First Home
by Gary Foreman
Gary, Can you help me? My husband and I would like to buy our own home to live in. How do we know if we can afford one or not? Thanks, Donna
Household Math™: Is biweekly better?
by Scott Bilker
Here are two mortgages: (Loan 1) Standard mortgage for $166,792 at 6% for 30 years with monthly payments of $1,000.00 or (Loan 2) A biweekly mortgage for $166,792 at 6.1% for 25 years with biweekly payments (once every two weeks) of $500. Which mortgage is better?
Household Math™: Which Mortgage is Better?
by Scott Bilker
I am trying to decide whether to refinance my home mortgage (again). We would like to reduce the time to payoff and are considering a 15-year loan at 4.75% APR. We currently owe $166,312 with 341 payments of $1,060 left at 6.375%. The new loan generates 180 payments of $1,293. If I just took the extra $233 and paid toward my current loan would I be better off?
Pay It Off Or Keep It?
by Doris Dobkins
Interest rates went down this week and many people are refinancing their home mortgages once again. When you refinance, it's important to make decisions based on your personal and financial goals in life. In this article, we are going to discuss the topic of paying off your mortgage early and why you might or might not want to.
How Much?
by Gary Foreman
I understand that 25% of my monthly income should be for mortgage, taxes and insurance. How much should I plan for the remainder of my budget? There are two of us in our household. Is there a set formula? Also, if I plan to retire in the next 5 years, should I be carrying a mortgage for the sake of a tax write off?
Household Math™: Fast Pay Mortgage
by Scott Bilker
You have a $100,000 mortgage at 6% APR for 15 years. How many extra monthly payments must you send each year to be able to pay off this loan in exactly 5 years? Note: All extra payments are sent along with the year's last monthly payment.
The Truth About Mortgage Loans
by Doris Dobkins
When you close on a new mortgage, your loan papers state the interest rate you will be paying for your loan. But is that interest rate really as good as it looks? Out of your monthly payment that you faithfully make each month, do you know how much of that amount is actually going towards interest?
Household Math™: Home Equity vs. Credit Card
by Scott Bilker
Donna and Kyle need $10,000 to remodel their kitchen. They will be able to repay this in 12 months. Donna gets an offer on her credit card of 0% for 12 months with a $10,000 max and no fees. Kyle's college buddy Vinnie, is a mortgage broker and tells Kyle that he can get him a home equity line of credit at the Prime rate, currently 4.25%, with no application charges or other fees. Kyle tells Vinnie that his wife has a 0% credit card offer and asks him which is better. Vinnie says that in their case the home equity line will have full tax benefits, however they would remain in the same tax bracket. Which option is better? The 0% credit card deal or the home-equity line of credit?
Household Math™: Home Refinance
by Scott Bilker
Brooke wants to refinance the balance on her home mortgage. She still owes $125,000 at 7% after paying 36 monthly payments of $859.77 on her 30-year loan. She gets approved for a refinance at 5.5% for a 20-year loan with 2 points and $2,000 of closing costs. Brooke rolls the cost of all the refinancing into the new loan. How many months with the new refinance must pass before Brooke starts saving money with the new loan?
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