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Raybyrnes
ParticipantSounds to me that you are that upside down because you probably rolled a bad loan from a previous sale into you new loan note. I wouldn’t jump to any conclusion that you were had. Additioanlly if you have stinky credit on a depreciqating asset the dealer is already pricing in the fact that they are probably going to have to get that car back from you. CXonsider your current payments rent.
ParticipantBelieve they also have set asides as part of the Affordeable housing component with this project. Anyone who gets one of these throught he affordable housiing program has scored a lotto ticket.
Participant7 or 8 years ago these Morgage Brokers were doing the same thing they are doing today and managed to take a number of ordinary individuals and make them millionaires in a very short period of time. They were many peoples angels. There job is to sell product. They are doing the same thing today. The resiult might be difference but there job is the smae. They compete on rates, points, and payments. I don;t see them as being scoundrels or con men. There role is to sell product. The market will ultimately dictate whether or not the products make sense in the end. Brokers are simpley a part of the transaction.
ParticipantThe benefit of having your parents save in a 529 account is that when you apply for financial aid the savings are not accounted for in the federal and often times school school calculation for financial aid. There are way too many people who think that they do not qualify for finacial aid when in fact they can. Additionally if they are strategic about the school process they can greatly improve there chances of maximizing there financial aid. IE get all money out of the kids accoutns 2 years before they start college. Financial aid will use roughly 35 % of chiold saving in calculation vs roughly 6 percent for parents. 2 pay off all credit card bill and prepayy the mortgage as the financial aid process begins. Why? They are not going to calculate real estate as an assett. By clearing out saving you give the illusion that you are in greater need. These are a couple of planning strategies that can be used to help mazimise financial aid.
Utah and Ohio have low expenses for funds but charge the 20$ annual fee. You may also want to look at the Virginia plan managed by the American funds. Excellent management.
ParticipantShe is working on getting her licenses in then US. Her previous license was from Brazil. For this reason I feel that I am currently SOL. There are 4 series of tests. Itr begins with 2 written parts administered by the ADA(American Dental Association) and the CADA(California Dental Association) From there you progress to a manakin dental examination. For this you are goig to need to practice which requires roughly 2 to 3K in equipment and you are going to need pracvtice courses another 3 to 5K. These courses are given up in the LA area so commuting back and forth is a waste of time so you are going to speand a few nights up there. Once this is passed you move on the patient practical. Once again you will need to practice 3 to 4K for review course and then you need to set aside another 2 to 3k becasue you have to rent out a dental office to screen patients for the procedures required by the dental board. Additionally once patients areidentified you need to provide transportation, lodging, and compensation for them assisting you. Additionally you need to have cash oon hand i the event that a dentist at the Practical exam loses his patient and tries to bribe your patient. That is the process of getting your licenses. I am certain that there are some fairly good accountant that might be able to justify the expenses in a way that I am unfamiliar wiht but as I see it you are somewhat SOL until you have your licesnes. Correct me if I am wrong.
ParticipantFalse assumptions. No deduction in the state of California. Nevada has the Upromise accounts set up through Vangard but there is a 20$ yearly charge. New York has the identical plan minus the 20$ charge. As for assett protection have your parents set up the funds and send them the checks to put into the accounts for the kids. The upromise accounts typically carry a higher expense fee but if you are a small business owner and you take advantage of the upromise saving by using there credit cards and buying products sponsored by upromis e you can make up the cost difference. This requires a coupon cutter mentality.
ParticipantI like the NY plan. It is run by Vangard and does not charge the 20$ annual fee to leave it open. That helps lower overall cost. I also benefit becasue my parents are residents so I had them open up the account and make the contributions so they can claim the deduciton and I simply send them the check each month. This also keeps money out of my kids name for Fiancial aid reasons.
One other plan to consider is Virgina. It is a broker sold plan but uses the American Funds as its fund manger. This is an excellent fund family and may be worth the price of the ride. As you accumulate assets you may elect to use the American fundsw in which case your contributions to the 529 plan can be grouped in with other investment to reduce sales charges. The American funds will start with a 5.75 % load on most funds. My experience has been that by holding these funds they have earned thir money.
California Scholarshare is a good 529. Expenses are low and Fidelity is a good mangement company. You don’t get the tax break. You don’t have any control over that. I would consider using your parents to open up the account and replicating my strategy to maximise financial aid at the time they get ready for college.
ParticipantDON’T use lendingtree or an online shopping service like that! They could run your credit several dozen times and potentially damage your FICO scores.
I am not going to comment on lending tree becasue I have never used them. My understaning of credit is that you have free rain to shop for credit provided you are doing it within a 2 week period of time. That means I can go to 10 different dealerships and have each run my credit and the crediting agencies will recognize this as 1 item of credit that I am searching for. I would think this would hold true for mortgages aswell. If lendingt tree is going to send my credit out to be run let them do so provided it is done within that 2 week period
A more detrimental scenario would be having my credit run 1 a month jsut to see what I can get. This on the other hand would have an adverse effect on my credit.
ParticipantShould have told him that a lot of people think that they are the next American Idol but it’s not always the case. Sometime you need Simon to tell you how it is.
ParticipantHey you could also make the argument that the same people were doing this 6 years ago when the boom was taking off and they made a lot of ordinary folks millionairs in a very short period of time. They get paid to make loans. That is there job. I don’t hold that against them and many of the people are fairly articulate at spelling out the terms and conditions of the loasn. It is the buyer who adamently suggests that they want X paymets are they will walk to the next guy that is going to give them that deal. People don’t want to ehar that they can not afford soemthing. Now they are learning a lesson. Will they have to learn twice is the real question.
Participantsalo_t
You can’t be saying that you expect people to take responsibility for making a mistake. It has to have been the mortgage broker for providing the financing or the appraiser or the realtor. There has to be someone to blame other than the person who signed a contract with a reasonable expectation that things would go up. That would be far to adult like to hold them responsible for their own mistakes
ParticipantI have fmaily members in Ireland who are making a killing as engineers and managers of IT teams. Additionally thery are seeing an Influx of American IT professionals who ahve figured out that you have to go where the money is at. Right now Ireland is booming. If I were an enginneer I would be exploring overseas opportunities.
ParticipantWe all like research her so this is where you can go for the specifics.
Believe you will need to combine progroams to reach 100% financing. You would combine the Chafa Loan with the CDAP( California Down Payment Assistance Program) and wind up with over 100% financing. There are income limitations but you can get all of that form the web site. This is for the First time homeowner making 100K or less starting a family.
For those of you who are higher income 30 Year Fixed Rates
Clarksville Mortgage 5.45 APR 410-531-9227
Advantage One Mortgage 5.46 Tulsa Ok 405-942-2077
Homesource Mortgage 5.58 Sugarhill GA 7706144611
All of these figures come from the Wall Street Journal.
Hopefully this helps give you a better idea of low interest rate benchmarks.
This thread is a stating point not a shortcut for proper due dilignece.
I personally believe financig comes first Home buying comes second. Just an opinion.
ParticipantSubmitted by 23109VC on March 10, 2007 – 11:02pm.
With all the subprime lenders losing their shirts…. will it be harder in the future to get 100% financing?2 things come to mind here. First, with responsible management of your credit and a good job, how is it that you are can not save for the down payment. I would think that while your are doing a great job of servicing your current debts you need to do a better job of cutting some of the fat out of your budget to put away for the down payment.
Second: if you can’t come up with the down payment and 100% financing is not available from a lender, consider going direct to the seller and finding out if they have an assumable mortgage or if they will carry the note. It will narrow your options because there will be a narrow field of sellers who are willing to do this but it presents you with a way of accomplishing the no money down situation. Find sellers who will carry the note and pay a slighter higher premium for them doing this. Could be win win for both parties. Good luck.
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