| Advice needed for family financial mortgage issue |
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tanmaysnv
Contributing Member
Cash: $ 9.15
Posts: 44
Joined: 06 Oct 2009
Location: Indore
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| Advice needed for family financial mortgage issue |
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My income 54000
Partner 60000
Credit Union loan 28000
Credit card bill 6000
Savings 6000 credit union 2000 savings account
Mortgage 1000 per month aprox.
Mortgage cost 205000
Value of property 270000 From a high of 410000
Children 2
Question. I am thinking of changing my mortgage provider and consolidating the existing loans above. I need about 10000 Euros for a particular purpose also now.
This will mean I will need to get a mortgage of 255000.
However I am also planning to move jobs sometime early next year (2010) and will be hoping to buy a property then. (I really want to keep my existing property and rent it as its in a brilliant location)
My problem is that will my ability to buy a property in 2010 be effected badly by the fact that my new load to value ratio will not be great.
Can any one see any dangers in what i am doing?
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Wed May 19, 2010 7:16 am |
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janschroder
Member
Cash: $ 2.60
Posts: 13
Joined: 28 May 2010
Location: Long Beach
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My answer is YES I can see danger because you are growing up in debts and more debts.
Why dont you do this,
You can pull a credit check or a loan etc. from an IRA LLC and you get it completely tax free and a lower interest rate and if you invest some money wisely you can just place that to work and have a better cash flow.
There is a slight problem
97 % of Americans are educated on the accumulative part of money because the so called investment advisors are salesmen trained by a company for two weeks to work on a comission based salary however money should be on a distributive system generating cash flow.
This is what I do each day of my life so I end up the week with money and have some entertaiment life on the weekend and also pay off my debts so I make a fix amount of money per year from what I actually get but I just try to double it up through different distributive investment optins (=
Tk Care
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Jan Schroder
jschroeder@irasource.com
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Fri May 28, 2010 8:23 pm |
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C9Consulting
Full Member
Cash: $ 17.65
Posts: 88
Joined: 15 Jan 2010
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What I am seeing is you wanting to do too much, with not enough money. Why does a new job make you want to buy another property that you can't readily afford in your current situation? I would totally agree with the new property, had you had no other debts. But since you have $34k in debt, and an income of $114k I would recommend that you should focus on wiping out the debt in the next 12months first.
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Wed Jun 09, 2010 12:58 am |
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