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Is it wise to use a line of credit to pay the principal of a mortgage?
Wiki User
∙ 17y ago
It is never wise to pay debt with debt. However, if the interest rate is lower on the line of credit you are not creating a problem you are just moving your debt from on instrument to another. A mortgage creates equity, so if you cannot pay the mortgage outright and need to borrow to do it, make sure the line of credit has lower rates.
Wiki User
∙ 17y ago
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If you are married and your spouse has bad credit can you apply for a home mortgage on your own?
Sure, as long as your credit is good and you make enough/have enough assets to qualify for the mortgage. Again, the legalities that apply in one state, may not apply in another state. It will be wise to check it out first.
If your home is in your name only and is in the process of foreclosure will it affect your husband also even though his name is not on the mortgage?
Just the loan holder (You) will be affected by this on credit reports. You two were wise to protect his credit so he comes out A-1 even though your credit is destroyed. Now you can use his excellent credit to secure a new home.
Can you buy a home with a low income?
The answer would be yes, depending. A good rule of thumb is to calculate 43% of your gross income. Then, subtract your monthly payments (credit cards, installment loans and such). You'll be left with a figure that should be close to you eligible amount for a total monthly mortgage payment (principal, interest, taxes and insurance). It would be wise to ensure that even if my calculation allows this total monthly payment to be over 31% of your gross income, that you try not to take a mortgage payment over that amount. Many do, but it stretches them financially.
What type of personal debts is usually considered wise and justified?
Home Mortgage
What type pf personal debts is usually considered wise and justified?
home mortgage
If you are married and your spouse has bad credit can you apply for a home mortgage on your own?
Sure, as long as your credit is good and you make enough/have enough assets to qualify for the mortgage. Again, the legalities that apply in one state, may not apply in another state. It will be wise to check it out first.
If your home is in your name only and is in the process of foreclosure will it affect your husband also even though his name is not on the mortgage?
Just the loan holder (You) will be affected by this on credit reports. You two were wise to protect his credit so he comes out A-1 even though your credit is destroyed. Now you can use his excellent credit to secure a new home.
What if your name was on the mortgage application and the note but didn't make it onto the mortgage which was in the name of the co-owner only. can you get out of paying that debt?
You could not be approved for a mortgage because your credit was too poor and you needed a co-signer. Your co-signer was wise enough to arrange that the title be in his name also. You signed the mortgage application and the note. Through inadvertence and error the bank didn't have you sign the mortgage. It has enough evidence to "reform" the mortgage in court. You are responsible for paying the debt.
Can you buy a home with a low income?
The answer would be yes, depending. A good rule of thumb is to calculate 43% of your gross income. Then, subtract your monthly payments (credit cards, installment loans and such). You'll be left with a figure that should be close to you eligible amount for a total monthly mortgage payment (principal, interest, taxes and insurance). It would be wise to ensure that even if my calculation allows this total monthly payment to be over 31% of your gross income, that you try not to take a mortgage payment over that amount. Many do, but it stretches them financially.
What type of personal debts is usually considered wise and justified?
Home Mortgage
What type of personal debts is usually considered wise justified?
Home Mortgage
What type pf personal debts is usually considered wise and justified?
home mortgage
Can you file chapter 7 in Florida and re affirm your mortgage?
Yes, but its never wise to reaffirm a mortgage. Even if you dont reaffirm, as long as you keep making the mortgage payments, the bank wont foreclose.
Where can someone get a loan when they have bad credit?
If an individual has bad credit there are still ways of getting a loan. One strategy is using home equity as a line of credit. Other options include applying to credit unions, peer to peer loan programs, or a having a co-signer. In all of these cases, it would be wise to improve credit during this process.
What actors and actresses appeared in Wise Use of Credit - 1960?
The cast of Wise Use of Credit - 1960 includes: Jan Stine as John Regis Toomey as Mr. Money
Why are home mortgages a wise form of debt for consumers?
The mortgage payments are sometimes lower than rent payments. Mortgage interest is tax deductible. That makes some people think carrying a mortgage is the smart thing to do.
Why are home Mortgages usually a wise for of debt for consumers?
The mortgage payments are sometimes lower than rent payments. Mortgage interest is tax deductible. That makes some people think carrying a mortgage is the smart thing to do.
