Nick K asked:


I have a home mortgage for $260,000 and a student loan for $20,000. My interest rate on my home is 6.75% and my rate on my student loan is 3%. My student loan is much easier to pay off since because of the amount and I know I probably will never pay off my home before I end up selling it (I just purchased the home). I know the rate is higher on the home but I’m not sure if it’s worth putting more towards it if the payments are going to stay the same regardless. Just more principal will be paid off. It does not seem to be the best time to invest but it may be my best way to beat the system. My savings account is yielding 4% but has been dropping lately. I don’t have an auto loan because I made the mistake of leasing a car 2 years ago so I’m paying those payments when I wished I had bought instead.

Any advice from people who have been in this situation before. I’m a new home owner looking to get the most for my dollar.

What’s your opinion? Any good tips out there?

Nellie

randysoby asked:


To make a long story short I applied for a home equity loan and was declined by B of A. My credit scores are a 790, 812 and a 680. The 680 was so low b/c of an AT&T charge off that was never mine (the SS# was one digit off from mine). I had that removed already but after B of A declined me. I even sent a letter that the AT&T charge off was removed but it still didn’t help. I owe 93,000 on my house and it is valued at 189,000. My area didn’t get hit bad by the foreclosure issue. The lady at B of A told me that they will do 85 ltv. The only other bad thing that I had were 3 late Searscard payments mid last year. They were 15 dollar payments that I forgot to pay. I owe nothing on credit cards, 1 joint car payment for 200/month with my wife and my mortgage of 950/month. My house is only in my name (not joint with my wife’s). I make 55k/year. I thought that my situation sounded like a banks dream. Any opinions? Are loans really that tough to get with the real estate situations or does B of A suck that bad? Oh, did I mention that I have 46k in a savings account with B of A? What do you think? Am I better off going to a bank or a credit union? I don’t want to run my credit again unless I am sure that I will be approved. I value your professional opinion but please dont waste your time trying to get my business.
I cant use my wife because her name is not on the house.

Willie