What should I do with my money now?
by Scott Bilker
Dear Scott, Through the sale of my previous house, I will soon have just enough money left over ($100,000) to pay off ALL of my loans and credit card debt. Question: is it a good idea to pay off ALL of my debt? Or should I perhaps keep some on the accounts? Or what? Your advice has always helped me in the past, so I really wanted to ask you what you think. Thank you, Rodney
Household Math™: LTV
by Scott Bilker
A lender agreed to make a loan based on a purchase price of $250,000 with a 90% LTV. If the property appraises for $250,000, what is the mortgage amount?
Cash-out to pay off cards or keep debt?
by Scott Bilker
I have a 30-year home mortgage and $14,000 in credit card debt. My mortgage has 28 years to go to pay off and is at 5.875 percent. My credit cards are at 3.99 percent for the lifetime of balance to 10.9 percent--all fixed rates. Should I refinance my home with cash-out to pay the credit cards off then freeze them? I'm 57 years old and earn approximately $26,000 per year salary. Any advise for me?
Second mortgage rate and APR
by Scott Bilker
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
Equity Issues
by Scott Bilker
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
Household Math™: Semiannual Mortgage Payoff
by Scott Bilker
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?
How Do You Get that Loan Formula?
by Scott Bilker
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
Household Math™: Mortgage Math
by Scott Bilker
The interest rate on my mortgage is 7% APR with monthly payments of $623.00. The balance this morning is $59,200.00. My payment of $623 will arrive this afternoon and be credited to my account today. What will the balance be on the mortgage next month immediately after the monthly payment is applied to the balance?
Managing Your Mortgage
by Gary Foreman
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
Household Math™: Fast Mortgage Payoff
by Scott Bilker
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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