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Jennifer H | Financial question need advise? |
My husband bought a new home 2 years ago. My husband has lots credit card debt and we need to get out of it because one of them is in arbutration. so here are the fact would you do this?
does this sound reasonable?
we pay $110 for our mortgage now
$211.50 to our car
$300 to our other car plus utilitys
if we refi we can pay off the debts and our $300 car payment.
our other car will be paid off next june.
our house payment will be $1500 if we refi
does this sound like it will benifit us or should we not take the deal?
Additional Details
i messed up house payment is $1100 sorry type error on ym part |
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SGT V
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First and foremost you need to get your spending under control. Cut up the credit cards immediately. Keep one card, for emergencies only (the one with the lowest interest rate and keep your credit limit as low as practical, obviously).
I assume that your mortgage payment currently is $1100 not $110. If so it appears as if your bills total $1611.50 (plus utilities?). Some important info is lacking in my estimation. What is the monthly outlay presently for your credit card debt? If utilities are not included in the expenses you listed you need to factor those in also. You need to sit down and crunch the numbers. The downside of a refi is you are starting back at square one with 15-30 years to pay on your house losing whatever equity that might have accrued in the 2 years of home ownership. FYI- On a 30 year mortgage it takes 22+ years for the amount applied to principal and interest to equal out. Mortgages are front loaded with interest. e.g.- the 1st mortgage payment probably 98% goes to interest and 2% to the principal. If you do refinance make sure there is no "prepayment penalty". Also make sure you can split your monthly mortgage payment. If you pay your mortgage every 2 weeks which means (for example) paying half the monthly payment on the 1st and the other on the 15th at the end of the year you will have made 13 payments per year which effectively reduces a 30 year mortage to a 23 year one. Look at all your options carefully before you decide. Best of luck. |
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specialonetoo
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You would be better off to get a consolidation loan or personal loan for the credit cards. If you refinance you are more than tripling your monthly payments. Watch what you do and where you go. If I were you I would go to my bank and talk to someone there. They will give you the best advice. Refinancing isn't always the best thing to do. Remember, those other things may be paid off and you will have the titles, but that $1500.00 mortgage payment is going to last you 30 years. A consolidation loan or personal loan will only last 4 to 5 years. Think real hard and weigh out all your options before jumping into a refi. Check out all interest rates and be careful of the small print. Best of luck to you. |
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ERIK H DUNCAN
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okay what you have to do is to organize all document and sit down with your husband and start using the logic and analogy thinks to get in focuses what you have already and think what the benefices are with it, look all aspects it can be good for me and all ways think what the mosh faster to get out of debts, that no means to say pay the mini-mo from the bills try to pay more, and don't used in tel you finish to pay all. this one example for credit card, my credit bills says $10 of miming if i pay mini mo but for get 19.5% or 20% the total prices over $720 for get more faster for my credit card i have to pay $50 dollars anyways i get interesting but i have to pay more next month or week i will tryed to pay 100 next time and after the 4 months i did the full balance and this time you have to make sure when you have the money use the credit card when you dont use it you have to wait when you have money first and dont forget to save money it is important i wish you luck if you need help send me a emal technoerikk@yahoo.com that the dissipline life style for money :) enjoy your day i wish you luck |
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epoulin
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Typically, refinancing to consolidate your debt to a lower interest rate is a great idea, so long as you are moving your debts from a higher interest to a lower interest debt.. However, you need to be aware that you attained your debt because of your lifestyle. After consolidating, your credit cards will be back to 0 again and could easily pick up more debt if things don't change. In order to maintain your lower payments you should (in addition to consolidating your debts into 1 lower interest payment) set a budget for yourselves and plan to not accumulate more debt.
I've been using CalendarBudget (http://calendarbudget.com) for several years and it really helps me understand my spending and helps me make wiser spending decisions.
Good luck! |
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John M
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need to know the interest rates and terms of each of the loans and cards |
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Spock (rhp)
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the first step in getting out from under debts is to CUT spending.
refi-ing credit cards onto a house note ONLY works if you ALWAYS pay off the credit cards thereafter.
otherwise you'll find yourself being foreclosed on down the road when the credit cards are pressing you again.
***
something looks wrong with your figures ... haven't seen a house payment of one hundred ten anything in decades.
GL |
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Christie
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How much are you currently paying each month for the credit cards? Your other bills are only about $620 a month - are you paying $900 in credit card bills? If not, doing a refinance is going to cost you more each month than you're currently paying. Can you afford it?
You're looking at it the wrong way when you say the $300 car will be paid off - it won't be, you'll still be paying on it through your mortgage. |
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Mommy to 8 month old Jacob
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I would refiance BUT take the money you save each month and put that into a high yeilding mutual fund account and save money while you dig yourself out of debt. That way when you are out of debt you have a nice chunk of change saved.
Also...don't always go for the lowest interest rate...it might look better because it is lower but you will be in debt longer and pay more IN THE LONG RUN rather than going with a slightly higer interest rate and paying more up front. |
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Spelling Police
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advise: a verb: meaning the act of providing advice
Advice: a noun: the recommendation given through the act of advising.
Don't rely on spell check to remember this one for you. |
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hello
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Depends on the interest rate you are paying. If you are paying like 28% interest on a high amount on your credit card, it would be worth refinancing that. Plug the numbers to determine if you will save money or not. |
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