Archive for March, 2008

Why are mortgage loans based on a Gross income instead of my Net?

Posted in Renting & Real Estate on 03/13/2008 10:33 am by admin
PhotoMan asked:


Doesn’t make any sense to figure what I can afford based on what I earn BEFORE the government takes their cut. Why don’t they do it based on what I have left over?

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Do student loans show up when applying for mortgage loan?

Posted in Credit on 03/12/2008 06:03 am by admin
Jo asked:


It doesn’t look like my student loans show up as part of my monthly debt when applying for a loan. I have been in forebearance, but do pay each month and am just recently able to start paying the full amount. Let me know. Please, no guesses – only if you know for sure. Thanks.

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Is it a good idea to use a home equity loan to pay for a new car?

Posted in Renting & Real Estate on 03/11/2008 04:09 pm by admin
Aidan c asked:


Instead of taking a car loan, use the equity from my place to it. If I were to get a car, I would get it financed. So to me, it seems smart just to cash some equity out with the added benefit of deducting interest for tax returns.

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Your opinion on home financing options?

Posted in Renting & Real Estate on 03/05/2008 10:19 am by admin
Belle asked:


My husband and I are finally looking to buy our first house. We have already gotten pre-qualified through the bank, we are just trying to make the right decision on how we want to do the financing. We have enough to put down 5% plus closing cost and then borrow 95% of the purchase price…or…his father has suggested he lend us the difference so we could put down 20% and eliminate PMI. Either way the payments wouldn’t be that much different (considering we would pay him each month). My only problem is I don’t like to borrow money from family. It makes me nervous. So I would like your opinion on whether we should take his father’s offer (with contract of course).

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