Home

We need a loan

 
Post new topic   Reply to topic    Forum -> Household Management -> Finances


View latest: 24h 48h 72h


amother




OP
 

Post  Thu, Feb 13 2020, 7:57 pm
We don’t qualify for a good 6% loan because we have 80,000 in debt even though we have 1 million dollars in equity. We make 10,000 a month. Our mortgage is 4,500 a month our IRS debt is 1,000 a month. We had a lot of sickness in our family and a lot of expenses. I would move but we have 4 years until the kids finish high school. Wwyd?
Back to top

TwinsMommy




 
 
 
 

Post  Thu, Feb 13 2020, 8:53 pm
whoo that's quite a mortgage. with all that equity why not a home equity line of credit? I'm a renter so if this doesn't make sense, tell me-- -but I thought those with equity can borrow from the equity at decent rates?

Does one spouse have a higher credit score than the other? Maybe a loan just in that spouse's name.
Back to top

amother




OP
 

Post  Thu, Feb 13 2020, 9:02 pm
TwinsMommy wrote:
whoo that's quite a mortgage. with all that equity why not a home equity line of credit? I'm a renter so if this doesn't make sense, tell me-- -but I thought those with equity can borrow from the equity at decent rates?

Does one spouse have a higher credit score than the other? Maybe a loan just in that spouse's name.

We tried home equity line of credit. Our credit score is 680. They said we are not able to pay it back after all the payments.
Back to top

amother




OP
 

Post  Thu, Feb 13 2020, 9:52 pm
Bump
Back to top

amother




Sienna
 

Post  Thu, Feb 13 2020, 9:53 pm
Can you move within your neighborhood? This way the kids can finish school, while downsizing can free up some money or at least lower your debt to income ratio. You can also work on improving your credit score, but that can take time. Honestly, I don’t think that mortgage is sustainable based on your income - we make close to double that and thought long and hard before taking a mortgage in the 4500/month range.
Back to top

nchr




 
 
 
 

Post  Thu, Feb 13 2020, 9:55 pm
At 680 in a primary residence you should be able to qualify for an FHA mortgage. Did you call frum brokers? I find that they try to make everything work.

Some banks or credit unions offer personal loans for a variety of reasons. Some people try 0 interest credit cards that can be paid back over 18 months.
Back to top
Recent Topics

Page 1 of 1 View latest: 24h 48h 72h


Post new topic   Reply to topic    Forum -> Household Management -> Finances

Related Topics Replies Last Post
How to get loan frm mortgage to pay for weddings or reg loan
by amother
3 Fri, Aug 30 2019, 2:59 pm View last post
Loan Gemachim or Chessed Funds? 23 Fri, Aug 09 2019, 5:07 am View last post
Construction loan / mortgage
by amother
0 Thu, Aug 01 2019, 5:53 pm View last post
Any gevirim in Chicago to get a loan from for down payment?
by amother
6 Mon, Jun 24 2019, 8:13 pm View last post
Interest free loan for Graduate school?
by amother
2 Mon, Mar 11 2019, 10:40 am View last post

Jump to: