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Forum
-> Household Management
-> Finances
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amother
OP
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 Thu, Feb 13 2020, 7:57 pm
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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?
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TwinsMommy
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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.
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amother
OP
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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.
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amother
Sienna
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Thu, Feb 13 2020, 9:53 pm
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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.
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nchr
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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.
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