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Equity Used For Down Payment
My husband and I
want to buy a home being built in a new development.
Our present home worth $260,000 has no mortgage except
a $30,000 home equity loan. We need about $15,000 down
payment for the home being built. Should we open a
home-equity line of credit to pay the down payment? If
not, where is the best place to get the $15,000?
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Second
Mortgage Rate and APR
Scott,
Why is it a different price for the
quoted loan interest rate, my mortgage company Quicken Loans, quoted
me 6.55 on a second. Then when I get the papers to sign, the APR
fair credit paper states 7.1 for the interest rate. Is the mortgage
company trying to be dishonest and not really give me the rate
quoted? I don't understand; please help me. Thank you! Pam
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Equity
Issues
Scott,
Problem is, our 2nd mortgage is a LOC
and the APR is drowning us! We want to pay off the LOC and our
credit card debt and have some cash to invest in renovations.
We are a single income family and as far
as debt to income ratio is concerned, we're not looking so good.
What to do? Alison
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Household
Math™: Semiannual Mortgage Payoff
I purchased property for
$27,515.00 at 7.5% for 8 years on a semiannual payment of $2318.00, the first year
three payments were made of $2,318.00; we have paid three years so far. This
year, on our due date, we would like to payoff the mortgage. What will the
amount due be?
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How
Do You Get that Loan Formula?
Scott,
I read with interest your article, Amortized Loans. At the
end of the article you indicate the explanation of how to derive the
formulae as being covered in another article. Can you please
tell me where I can find this? Thank you very much, Luke
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Household
Math™: Mortgage Math
The
balance on my mortgage today is $59,200. The interest rate is 7% APR
and the monthly payment is $623.00. What will the balance on the
mortgage next month after that monthly payment?
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Managing
Your Mortgage
Gary,
When I send in my mortgage payment and I send in more than the
minimum amount, the return payment stub asks whether I would like
the additional payment to go towards escrow or principal. Which
direction would be the best? Jim
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Household
Math™: Last Mortgage Payoff
Dear
Scott, My question is, I want to pay my $138,000, 5.125% APR,
15-year mortgage, off early. We just refinanced. My first payment is
July 7th. We plan on making one extra mortgage payment a year but I
would like to add an extra $100.00 monthly to principal only. By
doing these two extras, how early will I pay my mortgage off?--Leah
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Payoff
and close accounts
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
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Affording
a First Home
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
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