Ryan asked:


I am a graduate student nearing graduation and have a heafty student loan around 160k. In addition, my credit score is poor because of a few missed payments. I would like to talk with someone who can give me unbiased advice on how to tackle my student loans as well as provide insight on possibly buying a house, consolidating my debt and raising my credit score.

Tamara

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

bryan l asked:


I very upset with my mortgage company. 1 year ago they gave me a courtsey call telling me i have 45k in equity in my home. They threw me an offer to cut my bills down ect. I went into talk to them at a local office and they spelled every thing ourt My 1st loan is 140k on a adjustable plan. They were telling me to roll in my car loans, credit cards and student loan to cut monthy payments total as 70k. They valued my property at 220,000 did not send our a appraser, they also told me that it would help my credit score substantually doing this so i could refinance my 1st. Now my 1st adjusted from 5.7% to 9.22% with payments increase HUGE. I called Country Wide to dicuss refinancing. They looked it up and it did show my Credit Score did go up to 680. and yes we are ready to work with you. They sent a appraser our 300 dollars extra out of my pocket and they apprased the property at 185k, leaving me backwards 35k. they then told me they could not do anything.
to break it our
before this refinance Now after this
140k 1st 140k 1st
35k 2nd mortgage 80k in HELOC
20k in student loan Now told value
25k car loan is 185k
Property value was
told to be at
220,000

Marilyn