Posted by Stew NE on December 28, 1999 at 23:19:14:
Neither. I like you thought the only way to get out of debt was to refinance or get a second mortgage. Actually all you are doing is moving money around. I can set you up with a plan that will have you DEBT Free (Own Nothing) in 4 to 5 years. I make around 100K a year and would have continued to go deeper in debt with the plan the masses follow. I took a community college course that change my life.
All you have to do is send me your monthly payment and the total amount. Don’t tell me what the bill is just put Bill 1 - Monthly Payment 75 Total Due $6000 Bill 2 Monthly Payment 980 Total Due 81,000. If you don’t want to do that there is a site www.debtfree.com that you can visit. Since the courxe my wife I took cost a total of $50. I wouldn’t dare charge you a dime. Once you eliminate your debt, you will have plenty to invest.
Need Help With a Financing Question - Posted by Michael
Posted by Michael on December 28, 1999 at 15:39:55:
My Primary residence
I also want to get rid of 15,000 in credit ard debt. My mortage just jumped fron 71/4% to 81/4%. Do I refinance or get 2nd mortgage. Please help. I make a good income 70,000+ a year.
You’re not getting rid of that debt. - Posted by Bud Branstetter
Posted by Bud Branstetter on December 30, 1999 at 22:31:41:
All you are doing is transferring it to your mortgage. You will cash flow some because of the short repayment schedule on the credit cards. Of course high interest too. On your mortgage you lower the payment because you amortize it over a longer term. As the man said pay me 3K to refi(Add it into your balance). Can you get other lines of credit that are at lower rates? Can you borrow against life insurance, stocks, CD’s, 401K? Have you thought about downgrading vehicles? Do you have the discipline to pay down the new mortgage if you did refi or get a 2nd? Does it bother you or a spouse to increase the debt on your home?
Re: Need Help With a Financing Question - Posted by ali
Posted by ali on December 29, 1999 at 22:09:30:
can u pls let us know in which state is the property
if in texas give me a call 972-466-2551
i am a mortgage broker
its sound like to have ARM product. plz can you find out if you have any prepayment penlty.
Maybe this will help. - Posted by mtgBrkFLA
Posted by mtgBrkFLA on December 29, 1999 at 20:14:04:
Sounds like you’re on an ARM. If you credit is decent you could refi including your debt at a rate similar to the stage your ARM is in now. That would be about a 96k mortgage plus closing costs should equal about 99k. That would be about a 82.5% LTV - no problem. Today you could get a rate of aroung 8% fixed for 30 years. That pmt. would be 726.43/ mo. PI. Add up you current mtg. pmt. + your credit debt pmts. If this is a lower pmt. I recommed Refiing. As an added bonus your interest payments may be tax deductable. Good Luck.