[Raybyrnes]

Colleges are going to look at both asset and savings. The nice thing about a home is that it is not factored into the equasion. Therefore if you are looking to get financial assistance it is good to be house rich and savings poor.

If I had children getting ready for college my strategy would be to pay down as much of my home as I could minimizing my savings that I am suppose to report and simultaneously opening up a line of credit on the home so I still have access to the money.

Additionally your kids regarless of income will qualify for federal stafford loans which helps them build credit, take ownership in their education, and you can always help them pay off as a reward for doing well in school.

You will also have a federal Parent Plus loans available once again regarqdless of how much you make. Not a good deal at the moment but I would suspect it will be changing to a more favorable program in the not to distant future.

Bottom line is that you have options.

[Raybyrnes]

Colleges are going to look at both asset and savings. The nice thing about a home is that it is not factored into the equasion. Therefore if you are looking to get financial assistance it is good to be house rich and savings poor.

If I had children getting ready for college my strategy would be to pay down as much of my home as I could minimizing my savings that I am suppose to report and simultaneously opening up a line of credit on the home so I still have access to the money.

Additionally your kids regarless of income will qualify for federal stafford loans which helps them build credit, take ownership in their education, and you can always help them pay off as a reward for doing well in school.

You will also have a federal Parent Plus loans available once again regarqdless of how much you make. Not a good deal at the moment but I would suspect it will be changing to a more favorable program in the not to distant future.

Bottom line is that you have options.

[Raybyrnes]

Colleges are going to look at both asset and savings. The nice thing about a home is that it is not factored into the equasion. Therefore if you are looking to get financial assistance it is good to be house rich and savings poor.

If I had children getting ready for college my strategy would be to pay down as much of my home as I could minimizing my savings that I am suppose to report and simultaneously opening up a line of credit on the home so I still have access to the money.

Additionally your kids regarless of income will qualify for federal stafford loans which helps them build credit, take ownership in their education, and you can always help them pay off as a reward for doing well in school.

You will also have a federal Parent Plus loans available once again regarqdless of how much you make. Not a good deal at the moment but I would suspect it will be changing to a more favorable program in the not to distant future.

Bottom line is that you have options.

[Raybyrnes]

Colleges are going to look at both asset and savings. The nice thing about a home is that it is not factored into the equasion. Therefore if you are looking to get financial assistance it is good to be house rich and savings poor.

If I had children getting ready for college my strategy would be to pay down as much of my home as I could minimizing my savings that I am suppose to report and simultaneously opening up a line of credit on the home so I still have access to the money.

Additionally your kids regarless of income will qualify for federal stafford loans which helps them build credit, take ownership in their education, and you can always help them pay off as a reward for doing well in school.

You will also have a federal Parent Plus loans available once again regarqdless of how much you make. Not a good deal at the moment but I would suspect it will be changing to a more favorable program in the not to distant future.

Bottom line is that you have options.

[Raybyrnes]

Colleges are going to look at both asset and savings. The nice thing about a home is that it is not factored into the equasion. Therefore if you are looking to get financial assistance it is good to be house rich and savings poor.

If I had children getting ready for college my strategy would be to pay down as much of my home as I could minimizing my savings that I am suppose to report and simultaneously opening up a line of credit on the home so I still have access to the money.

Additionally your kids regarless of income will qualify for federal stafford loans which helps them build credit, take ownership in their education, and you can always help them pay off as a reward for doing well in school.

You will also have a federal Parent Plus loans available once again regarqdless of how much you make. Not a good deal at the moment but I would suspect it will be changing to a more favorable program in the not to distant future.

Bottom line is that you have options.

[Raybyrnes]

Doc,

Interest rates are low. Why not refi into a 30 year fixed which lowers the monthly payment and allows for more manageability. Additionally you retain the cost basis for tx purposes. No way are you going to be comfortable going from a Million dollar place to a 500K place unless your kids have moved out of the house. The fixation on having the house paid before the kids start school is not necessarily a bad thing but if it is impacting your health then refi.

If you are going to sell he place then I wouldn’t look to buy any time soon. May simply want to rent something comaprble until market finishes correcting and look to buy back in at that point in time.

[Raybyrnes]

Doc,

Interest rates are low. Why not refi into a 30 year fixed which lowers the monthly payment and allows for more manageability. Additionally you retain the cost basis for tx purposes. No way are you going to be comfortable going from a Million dollar place to a 500K place unless your kids have moved out of the house. The fixation on having the house paid before the kids start school is not necessarily a bad thing but if it is impacting your health then refi.

If you are going to sell he place then I wouldn’t look to buy any time soon. May simply want to rent something comaprble until market finishes correcting and look to buy back in at that point in time.

[Raybyrnes]

Doc,

Interest rates are low. Why not refi into a 30 year fixed which lowers the monthly payment and allows for more manageability. Additionally you retain the cost basis for tx purposes. No way are you going to be comfortable going from a Million dollar place to a 500K place unless your kids have moved out of the house. The fixation on having the house paid before the kids start school is not necessarily a bad thing but if it is impacting your health then refi.

If you are going to sell he place then I wouldn’t look to buy any time soon. May simply want to rent something comaprble until market finishes correcting and look to buy back in at that point in time.

[Raybyrnes]

Doc,

Interest rates are low. Why not refi into a 30 year fixed which lowers the monthly payment and allows for more manageability. Additionally you retain the cost basis for tx purposes. No way are you going to be comfortable going from a Million dollar place to a 500K place unless your kids have moved out of the house. The fixation on having the house paid before the kids start school is not necessarily a bad thing but if it is impacting your health then refi.

If you are going to sell he place then I wouldn’t look to buy any time soon. May simply want to rent something comaprble until market finishes correcting and look to buy back in at that point in time.

[Raybyrnes]

Doc,

Interest rates are low. Why not refi into a 30 year fixed which lowers the monthly payment and allows for more manageability. Additionally you retain the cost basis for tx purposes. No way are you going to be comfortable going from a Million dollar place to a 500K place unless your kids have moved out of the house. The fixation on having the house paid before the kids start school is not necessarily a bad thing but if it is impacting your health then refi.

If you are going to sell he place then I wouldn’t look to buy any time soon. May simply want to rent something comaprble until market finishes correcting and look to buy back in at that point in time.

[Raybyrnes]

Tha makes sense but my understanding is that if you hit the 7.5 trigger with option 1 of the option arm it triggers a fully amortized payment which can increase the payment by up to 50%.

[Raybyrnes]

Tha makes sense but my understanding is that if you hit the 7.5 trigger with option 1 of the option arm it triggers a fully amortized payment which can increase the payment by up to 50%.

[Raybyrnes]

Tha makes sense but my understanding is that if you hit the 7.5 trigger with option 1 of the option arm it triggers a fully amortized payment which can increase the payment by up to 50%.

[Raybyrnes]

Tha makes sense but my understanding is that if you hit the 7.5 trigger with option 1 of the option arm it triggers a fully amortized payment which can increase the payment by up to 50%.

[Raybyrnes]

Tha makes sense but my understanding is that if you hit the 7.5 trigger with option 1 of the option arm it triggers a fully amortized payment which can increase the payment by up to 50%.

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