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Ive foolishly managed to get myself into quite a bit of debt (£8000), which im struugling to pay back every month. Now i realise it was stupid to get into this much debt in the 1st place so ... |
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| Is it better to refinance or take out a home equity loan? |
My 1st mortgage has a fixed interest rate and a 2nd mortgage that is a Line of Credit with a variable interest.
Additional Details
I don't need more cash I just want to get rid of ... |
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 I have too much debt, and not enough money, how do I get back on my feet without bankruptcy? |
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Phillip F | My wife and I will be buying our first home soon. Is it better idea to use savings to completely pay off...... |
Is it a better idea to use savings to completely pay off our credit cards, wipe out our debt, and have a smaller down payment. Or just keep the balances on our cards and save the money for a higher down payment. Home will be around $250k-$275k and the credit card balances total about $5k. Credit scores are in the 750 range. |
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Virtuous
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I would suggest you pay off your credit cards if you can afford to do so. It will be one less bill to pay once you purchase your new home. Once you have purchased your home with a mortgage you can always put more towards it later (talk to your mortgage broker or Bank depending on whom you use). Try and keep your credit card always balance and clean. One of the things they look at is your habit of paying off, your ability to pay and your ability to maintain etc.....you don't want too many deliquency of payment on your record. |
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bianca
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if you use your savings towards down payment and you still don't have enough for 20% down ( no mortgage insurance) it will not make big difference with your mortgage payments.
i will pay off credit cards insteed or live this money for emergency if mortgage payments and credit cards payments are not killing you. |
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Big Timer
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Personally, I would pay off the credit cards first. Since you have such a great credit score, take advantage of the attractive rate that you will be able to get, rather than hold on to credit card debt that's charging you 18-22% per year. |
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chh945s
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I think paying off the CC's should be a #1 priority-they probably have a higher interest rate. This will likely cause you to have PMI on your mortgage-b/c you have paid off your CC's you can now plow those extra funds into paying extra on your mortgage to get you out of the PMI range more quickly. These two things should be done w/o using all of your personal savings. Approximately 3 months of savings should be left in the bank. If you can't afford to do this, then simply wait to purchase a house.
Good Luck! |
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Scott C
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You don't want to wipe out your savings in order to purchase a home. Doing so will put you in financial risk.
Oftentimes, people will buy a home with no money down or with no money in the bank (we did on our first house). Then, you begin to spend money to decorate the home, landscaping, repairs, etc. and use your credit card to pay for it.
One day you wake up and that $5k in debt has mysteriously turned into $10k.
I would keep at least 3 months of living expenses (based on your mortgage) in the bank. If there's anything left, I would pay off the credit cards.
Scott..... |
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King of Town
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My opinion is first paid off all your credit & debit card to zero balance and then paid reminding money to your home as a down payment. |
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jb_cpq
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I came up with three more issues to consider. (fyi: I am assuming you live in the USA)
1 - If you put less than 20% down, you will have to pay for PMI insurance. That's an insurance policy for the bank in case you default on your loan. You get zero benefit from that and its expensive.
2 - If you get enough of a deposit on your house, you may be able to get a home equity loan. You could then use that to pay off credit cards. The upside for these types of loans is that you "may" be able to deduct the interest paid on your income taxes (you need to check your state/local laws).
3 - Having savings set aside for emergencies is a MUST for home ownership. If you live in the north, imagine what will happen this winter if your heater suddenly goes out (the reverse for AC on the south).
Owning a home is VERY expensive. Its a great accomplishment though. Very few people on our planet will ever be able to consider making such a purchase. Consider yourself blessed to have such an opportunity! Just think through the options carefully. |
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BOB W
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OK, sound like your thinking which is more than I can say for most folks.
1. Pay off all your other debt.
2. Establish an emergency fund (3 months expensive if stable job, 6 months if non-stable)
3. Now save for you down payment (20% min, as this will get you out of paying PMI insurance) Note: don't take an 80-20 loan with the 20% being a higher rate, second loan to get out of paying the PMI. It's usually higher than paying the PMI.
4. Now, you monthly payment should not be more than 25% of you take home pay.
Good luck. Most people don't follow these tested rules and most are up to their eyeballs in debt. |
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Lianne
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You two already have a pretty good credit score. If the balances on your card are 30% or LESS of the total credit limit/available then it shouldn't pose a problem or be a big boost if you pay that off. You may be better off putting the money towards points, you have about enough for 2 points which will save you 1/2% in interest which can REALLY add up. |
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milliondollarssoon
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You credit score is 750. As long as you don't get a interest only loan, go combo, refinance later. The main key to buying a home is this only offer 70% of the asking price, with the clearance of inspection and appraise.
why 70% they need you, you don't need them, use time as a weapon to your advantage. You can get back the 20% down and closing cost. |
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ceprn
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as long as you have enough for a 20 percent down payment left, pay off your credit cards. |
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