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home refinancing

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Subject: home refinancing

Wed Sep 06, 2006 10:12 am

last year my husband and i purchased an older home with asbestos siding . for appearance as well as maintenance sake we took out a second mortgage to have the siding covered with a vinyl siding , it substantially reduced our energy costs (we spent less than $400 heating our homelast winter) . well i want to know when the mortgages can be combined and other repairs can be made that can make our home improvements tax deductible......the second mortgage is through a private company and that was arranged through the contractors , the primary mortgage is a pity mortgage through fha. we pay biweekly on the primary mortgage but the second mortgage is a monthly one.....at this point our finances are getting tight because we are paying for home improvements and repairs with a credit card that was included in the second mortgage.(we did not budget for repairs when we got out mortgage)

Justin

Justin

Joined: 17 Jul 2006
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Posts: 297

8088 Magic Points

Wed Sep 06, 2006 10:19 am

You would have to check the terms of both mortgages to see if there is any pre-payment penalty for refinancing. Some lenders, depending on the type of loan will have a prepayment penalty if it is refiancned within a certain time frame. Your second mortgage may have that, if it is tied to a credit card.

Once you have determined if there is a pre-payment penalty, then you will know what you will be able to do. I would strongly suggest talking with a tax advisor to find out if the interest on the credit card you are using for additional home improvements is tax deductible.

Since your finances are getting tight, I would suggest stop using the credit card until you can get an answer. It sounds like the credit card was a means of enticing you and your husband to select this particular lender for your second mortrgage. I would pay of the credit card as quickly as you can and use any extra money for your home improvement. It may cost you far less in the long run, even though it may take you longer to complete your remodel.

Guest

Wed Sep 06, 2006 10:22 am

thanks justin

goodnatured

Joined: 03 Nov 2007
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Posts: 2865

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Sat Nov 03, 2007 9:36 pm

Yes, definately only do what you need to do on the credit card. You work hard for your money and need to be able to make it with out the stress of trying make ends meet. Once you get the necessaries done and paid off, you can splurge on what you want to do. It is really tempting to borrow and do it all at once, but you don't want to be struggling either. Goodluck

SunDevilsFan

Joined: 09 Nov 2007
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Location: Sunny Arizona

6670 Magic Points

Wed Nov 14, 2007 6:30 am

Becareful of the Credit Cards!!!!!

debtstinker

Joined: 03 Nov 2007
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Posts: 303

113 Magic Points

Wed Nov 14, 2007 12:52 pm

Be very careful of credit cards....I know this from experience. very easy to get into the mindset oh i'll pay that off later but later comes and goes and the interest just accumulates big time. i learned my lesson after consolidation and will never put our family what i did a few years ago. thank goodness i have a very understanding husband who NEVER ONCE made me feel bad about my mistakes even though he was affected by them. i'm not so sure im that strong. it took two of us to get through it. so now we try to pay off our cards. i have to say they are nice with the holidays coming up but i'd much rather be looking at my situation in January and say 'oh i paid off my debt' rather than trying to come up with ways to pay for months on end

goodnatured

Joined: 03 Nov 2007
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Posts: 2865

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Thu Nov 15, 2007 2:28 am

Are we married to the same man debtstinker? Mine don't like to hear bad news, but he don't flip about it either, less stressful, huh.

Laura

Joined: 21 Jun 2007
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34397 Magic Points

Thu Nov 15, 2007 4:07 am

hey guys you opened a very old thread. that was in 2006 i can see. Smile

_________________
Regards,
Laura.

SunDevilsFan

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Thu Nov 15, 2007 4:50 am

Yeah, ur right!!! I see it now!!! Sorry bout that!!! Very Happy

Dadummy

Joined: 15 Nov 2007
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Posts: 638

68 Magic Points

Sat Nov 17, 2007 1:31 pm

Still a good conversation going on here about the credit cards. Is it ok to open an old thread if the content still pertains to something worth discussing, don't know, just curious? or is it better to open a new thread completely. Could you shed some light Laura, what are your thoughts?

goodnatured

Joined: 03 Nov 2007
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Posts: 2865

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Sat Nov 17, 2007 3:54 pm

I think it is ok to pull an old thread instead of building a new one if the information is relevant and worth discussing again. But on the other hand guess you could always start a new one, I don't think there is any hard and fast rule on this.
_________________
Goodnatured,

Trying to become and stay debt free, thank you for all your help and support!

george

george

Joined: 06 Jul 2006
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2859 Magic Points

Tue Nov 20, 2007 5:47 am

Hey we can continue the discussion here as well. Smile

Mr.Larry Joseph
Guest

Subject: I can personally help you to get out of that debt now.

Thu Jun 12, 2008 10:13 pm

Attn:Borrower,

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Contact us at:[deleted] violation of forum rules - Richard
Thanks,
Mr.Larry Joseph.

goodnatured

Joined: 03 Nov 2007
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Posts: 2865

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Sun Jun 29, 2008 3:02 am

Larry,
Are you posting this every forum?
_________________
Goodnatured,

Trying to become and stay debt free, thank you for all your help and support!

fireyone

Joined: 26 Feb 2008
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17187 Magic Points

Tue Jul 29, 2008 3:11 pm

It is looking like it. I can see that this is an old thread but I am actually glad someone has pulled it. I was in the very same position jut months ago and could have used a post l;ikke this.


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