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OregonBlue (1000+ posts) Send PM | Profile | Ignore | Sun Nov-19-06 11:03 AM Original message |
Need Advice - Any loan/finance officers out there? My Mom is selling her |
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tsuki (1000+ posts) Send PM | Profile | Ignore | Sun Nov-19-06 11:15 AM Response to Original message |
1. As someone who was told that I could not get fixed money on |
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ret5hd (1000+ posts) Send PM | Profile | Ignore | Sun Nov-19-06 11:15 AM Response to Original message |
2. heck, i'd consider taking a $100,000 30yr loan... |
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mcscajun (1000+ posts) Send PM | Profile | Ignore | Sun Nov-19-06 11:17 AM Response to Reply #2 |
4. If she could qualify for such a loan, and would consider it... |
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mnhtnbb (1000+ posts) Send PM | Profile | Ignore | Sun Nov-19-06 11:19 AM Response to Reply #2 |
6. Except the monthly payment would be based on the $100k loan amount. |
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OregonBlue (1000+ posts) Send PM | Profile | Ignore | Sun Nov-19-06 11:23 AM Response to Reply #6 |
9. Yah, that's the thing. I want to keep her payments low. |
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dysfunctional press (1000+ posts) Send PM | Profile | Ignore | Sun Nov-19-06 11:34 AM Response to Reply #2 |
14. it doesn't quite work like that... |
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DURHAM D (1000+ posts) Send PM | Profile | Ignore | Sun Nov-19-06 11:16 AM Response to Original message |
3. Does she need the interest write-off? |
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OregonBlue (1000+ posts) Send PM | Profile | Ignore | Sun Nov-19-06 11:26 AM Response to Reply #3 |
10. No, doesn't need the interest write off. She will be comfortable but |
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rzemanfl (1000+ posts) Send PM | Profile | Ignore | Sun Nov-19-06 11:17 AM Response to Original message |
5. Why doesn't she get a reverse mortgage and take some |
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mnhtnbb (1000+ posts) Send PM | Profile | Ignore | Sun Nov-19-06 11:21 AM Response to Reply #5 |
7. I would have her schedule an appointment with a trusted financial advisor |
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OregonBlue (1000+ posts) Send PM | Profile | Ignore | Sun Nov-19-06 11:27 AM Response to Reply #5 |
11. I suggested that and she, being a really sweet mom, wants to leave |
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Vorta (704 posts) Send PM | Profile | Ignore | Sun Nov-19-06 11:31 AM Response to Reply #5 |
12. MY friend just looked into that for his dad- very expensive money. |
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msongs (1000+ posts) Send PM | Profile | Ignore | Sun Nov-19-06 11:22 AM Response to Original message |
8. shop around. go for a low downpayment? |
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OregonBlue (1000+ posts) Send PM | Profile | Ignore | Sun Nov-19-06 11:31 AM Response to Reply #8 |
13. From these replies it sounds like she does need a GOOD financial |
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praeclarus (203 posts) Send PM | Profile | Ignore | Sun Nov-19-06 11:36 AM Response to Original message |
15. Since she has investments and there are 3 incomes .... |
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OregonBlue (1000+ posts) Send PM | Profile | Ignore | Sun Nov-19-06 11:41 AM Response to Reply #15 |
17. Maybe you're right. If she had any large unexpected expenses in |
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praeclarus (203 posts) Send PM | Profile | Ignore | Sun Nov-19-06 11:43 AM Response to Reply #17 |
19. Yes and... |
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OregonBlue (1000+ posts) Send PM | Profile | Ignore | Sun Nov-19-06 11:49 AM Response to Reply #19 |
23. Again, I never thought of that. |
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OregonBlue (1000+ posts) Send PM | Profile | Ignore | Sun Nov-19-06 12:57 PM Response to Reply #19 |
37. You're right but after listening to lots of folks here I want her to cash in |
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Dr.Phool (1000+ posts) Send PM | Profile | Ignore | Sun Nov-19-06 11:38 AM Response to Original message |
16. She should take the $10K out of investments and pay cash. |
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OregonBlue (1000+ posts) Send PM | Profile | Ignore | Sun Nov-19-06 11:44 AM Response to Reply #16 |
20. I never thought about that. Since she would be borrowing at that |
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radwriter0555 (1000+ posts) Send PM | Profile | Ignore | Sun Nov-19-06 12:19 PM Response to Reply #20 |
25. And she could always take out a small equity line of credit in case she |
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OregonBlue (1000+ posts) Send PM | Profile | Ignore | Sun Nov-19-06 12:53 PM Response to Reply #25 |
35. Exactly I just phoned her and told her the same thing. She doesn't |
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OregonBlue (1000+ posts) Send PM | Profile | Ignore | Sun Nov-19-06 12:33 PM Response to Reply #16 |
29. I talked to my mom and she thought you had a great idea. Her Schwabb |
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BlackVelvet04 (1000+ posts) Send PM | Profile | Ignore | Sun Nov-19-06 11:43 AM Response to Original message |
18. 7 3/8% interest doesn't sound like a great deal to me..... |
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OregonBlue (1000+ posts) Send PM | Profile | Ignore | Sun Nov-19-06 11:47 AM Response to Reply #18 |
21. Yes, she lives about 105 miles from me but I've told her I will talk to |
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BlackVelvet04 (1000+ posts) Send PM | Profile | Ignore | Sun Nov-19-06 12:36 PM Response to Reply #21 |
30. Isn't it sad that we have to worry about protecting our |
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OregonBlue (1000+ posts) Send PM | Profile | Ignore | Sun Nov-19-06 12:48 PM Response to Reply #30 |
33. Yes it is. But, thanks to the great folks here at DU, at least I can |
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radwriter0555 (1000+ posts) Send PM | Profile | Ignore | Sun Nov-19-06 12:20 PM Response to Reply #18 |
26. Yes, that's a terrible interest rate actually for someone with a massive down |
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OregonBlue (1000+ posts) Send PM | Profile | Ignore | Sun Nov-19-06 12:59 PM Response to Reply #26 |
38. I thought so too. Of course with the lenders getting to write their own |
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Vorta (704 posts) Send PM | Profile | Ignore | Sun Nov-19-06 11:48 AM Response to Original message |
22. The credit union might be right |
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OregonBlue (1000+ posts) Send PM | Profile | Ignore | Sun Nov-19-06 11:52 AM Response to Reply #22 |
24. Yah, I want to coordinate both closings and all of the financing so that |
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rooney (251 posts) Send PM | Profile | Ignore | Sun Nov-19-06 12:21 PM Response to Reply #24 |
27. Sounds very complicated to me. I am not very smart on financing |
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lumberjack_jeff (1000+ posts) Send PM | Profile | Ignore | Sun Nov-19-06 12:33 PM Response to Original message |
28. I'd pay cash for the house, then get a home equity line of credit. |
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OregonBlue (1000+ posts) Send PM | Profile | Ignore | Sun Nov-19-06 12:37 PM Response to Reply #28 |
31. Yah, Dr.Phool said the same thing. I called mom and explained that |
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OregonBlue (1000+ posts) Send PM | Profile | Ignore | Sun Nov-19-06 12:43 PM Response to Original message |
32. I LOVE DU. YOU GUYS ARE THE GREATEST!! |
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BlackVelvet04 (1000+ posts) Send PM | Profile | Ignore | Sun Nov-19-06 12:52 PM Response to Reply #32 |
34. Not only will she own the house free and clear.... |
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OregonBlue (1000+ posts) Send PM | Profile | Ignore | Sun Nov-19-06 12:55 PM Response to Reply #34 |
36. Yes, I will call the title company and get an accurate quote on how much |
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