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Household
Math™: Home Equity vs. Credit Card
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?
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Household
Math™: Home Refinance
 Ever wonder what everyone is paying in
interest? I certainly do and I have a feeling you do as well. Please share
your rates with other readers so we can compare notes and get better lending
deals!
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Household
Math™: True Rate of Transfer Offer
You're offered a balance transfer
from one of you current credit lines. The offer is for 4.99% fixed
with a one-time 4% transfer fee.  You
transfer $5,000 and pay $100 per month until the loan is repaid.
What is the true APR for this loan when you include all interest
rate charges and fees?
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Household
Math™: Susan is Loanly
Susan just left her boyfriend Jim because he didn't want to get
married. Susan originally planned to buy an investment property with
Jim but that plan is over. She decides to go ahead and get the house
herself. She gets approved for a 30-year, 7% APR loan with payments
(principal and interest) of exactly $800.00. Susan decides, after
making the first  monthly payment of $800.00, that starting the next
month, and until the loan is complete, she is going to add one crisp
dollar bill to the monthly payment. So her next payment will be
$801, then $802, and so on. How long will it take her to repay the
loan?
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Helping
Daughter With Debt
Our daughter,
who is 31 and single, has $15,000 in credit card debt
that would we like to help her get out from under.
This debt consists of two different maxed out credit
card accounts that are both charging very high
interest rates, as well as late charges and over the
limit fees.  We are considering refinancing our
mortgage, which currently has a balance of $47,000 and
a 5.75% rate. Is this a good solution or not? |
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Temporary
Downsizing?
We're wondering if
we should sell our house. Our mortgage payment is
$1,030 a month--no problem when we were both working
full time. Now that his income has been drastically
reduced, the mortgage feels very steep.  What about
selling the house, using the equity to pay off our
$20,000 second mortgage, and moving into a place that
costs less per month? |
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What's
the Big Deal About Biweekly Mortgages
In
the last few years I have seen hundreds of ads claiming they can
save you thousands of dollars on your mortgage by converting it to a
biweekly mortgage. I get e-mail from people every day asking me
about these services and why my software does not support biweekly mortgages. I'd like to answer that question right
now...
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