“Dear Steve, Support and live with wife and 3 children–23, 21 and 14 years old. I am 48 yrs. old Yearly income is $74,000/about $5050/month net Current on all bills and payments–have never missed a bill payment of any type. No extra money after bills per month. Job is secure but income will not increase … Read more
The good news about mortgage rates? They’ve been at or near historic lows recently, and by all indications they should stay fairly low for the short term. But as anyone who follows these rates knows, they can be very volatile – sometimes changing multiple times in one day. What affects mortgage rates? In May 2011 … Read more
“Dear Steve, Enjoy, your site, been reading it a lot the last few weeks. I have about $70, 000 in unsecured debt. Owe $22,000 on the car. House that was worth $240,000 is down to $205,000, but I owe $198,000. I got a ARM, loan about 4 yr ago, sounded to good to be true. … Read more
“Dear Steve, As of today, 4k in money market savings, 2k in old mutual fund, 70k with TSP. Pay off credit cards every month in full. We have two debts, one student loan at $117/month and our townhouse. 10/1 ARM LIBOR will reset in 2015. 310K at 5.75%, with $296k left owing. 2nd mortgage of … Read more
“Dear Steve, My husband and I have a mortgage of approx. $78,000.00 on our home. We also have a home equity debt of $50,000.00. The mortgage is a 2 year ARM and is at 3.75% as of April 2009. Our home equity is a couple of points higher. Our tax appraisal puts the value of … Read more
“Dear Steve, My wife and I are both teachers. I just lost my job. We have a $310K mortgage on a home that is only worth $250K. The mortgage is a five year ARM that changes in December. We have about $45K in credit card debt and a $40K student loan. We can only make … Read more
Tom McConnon contacted me recently and wanted me to share this post with you. If you would like to contribute a guest post, you can contact me here. If you are a first-time home buyer, a mortgage may seem like an overwhelming and intimidating thing if you do not fully understand what it is. Here … Read more