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09-21-2009, 02:17 PM #1Registered User
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Ok almost had a cow and need Greebo's advice!
Ok I just had to post this.. and maybe I am seeing this wrong... I went to the bank to redo my home loan for a lower interest rate and to get some extra cash to pay off a bill hubby had. Its a big bill made my eyes pop right out of my head.. and then i almost ripped his out!!! Anyway .. I need like 19 thousand by yesterday! Anyway ... we have the house loan down to 18,000. which i was very happy about sigh .. but i need to put 20 grand more on it to pay off some debt that is due at the end of the month .. i know ughhh why not wait till the last minute.. cause hubby just told me friday!!!! Anyway .. i went to the bank to try to redo our home loan .. cause its worth 75,000 thousand... and i wanted to redo anyway cause i thought we could get a lower interest rate anway .. this is what i got in the mail this morning. They would give is a 5 year loan for 50 thousand dollars.... thats 30 thousand extra to us... i didn't ask for that much!~!!! And we would pay roughly 550.00 a month then at the end it said .. and get this hold onto your seats.. try not to fall off laughing or just being plain ticked ... a balloon payment of 38,800 roughly to be refinanced then .. ummm can you quickly see the hole i would be digging myself into .. just refinancing and refinancing paying thousands and thousands just to have my hands on some quick cash .. ughhh !!!! So what do you all think .. i just want to know if i did the right thing telling the guy no thank you!!!
I honestly told him i could see the hole i would be putting my family in and just couldn't do that to me or them. But if he could come up with a loan that at the end of the time period was a zero balance and the interest rate wasn't a killer i would consider it!
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09-21-2009, 02:24 PM #2Rude and Vile Master
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I think he offered you a 5/1 interest only ARM.
That's a definite no go.
Try giving Schwab Bank a call - we have our HELOC on our primary with them and they were delightful to deal with.If you could kick in the pants the person responsible for your problems, you wouldn't be able to sit for a month.
Did you know that a 4 year student paying $20,000/year who finances their education graduates with over $103,000 in debt to start? But a student who works and pays cash and takes 6 years to graduate ends with $6,300 in their pocket! So much for "getting a head start by financing!"
Greebo(Nerd Spender): Loving and extremely patiently tolerated husband of ceashels.
WARNING: Y Chromosome behind the keyboard. Adjust your listening filters appropriately!
ThreeTwo mortgages,twooneno car loans,oneno credit cards, and a partridge in pear tree!
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09-21-2009, 02:24 PM #3Rude and Vile Master
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Oh, and yeah, a balloon payment of 38k. That's FUNNY! ROFL
If you could kick in the pants the person responsible for your problems, you wouldn't be able to sit for a month.
Did you know that a 4 year student paying $20,000/year who finances their education graduates with over $103,000 in debt to start? But a student who works and pays cash and takes 6 years to graduate ends with $6,300 in their pocket! So much for "getting a head start by financing!"
Greebo(Nerd Spender): Loving and extremely patiently tolerated husband of ceashels.
WARNING: Y Chromosome behind the keyboard. Adjust your listening filters appropriately!
ThreeTwo mortgages,twooneno car loans,oneno credit cards, and a partridge in pear tree!
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09-21-2009, 02:26 PM #4Registered User
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yeah thats what i thought too!!!! And hubby wanted to go for it cause he could have his money right now to pay off the fuel man .. i was absolutely not! I wont' sign it no way no how!!!!
Originally Posted by Greebo
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09-21-2009, 02:31 PM #5Rude and Vile Master
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Dear Wendy Mack's Hubby:
NO
Hopefully that's not unclear.
I'm assuming the fuel man has already filled the tank. Write him a check for what you can and apologize profusely while you get this taken care of.
What's in your EF at the moment that you can use to pay him?
And finally, add a new line item to your budget: "Fuel Fund". Put money into it with every pay.If you could kick in the pants the person responsible for your problems, you wouldn't be able to sit for a month.
Did you know that a 4 year student paying $20,000/year who finances their education graduates with over $103,000 in debt to start? But a student who works and pays cash and takes 6 years to graduate ends with $6,300 in their pocket! So much for "getting a head start by financing!"
Greebo(Nerd Spender): Loving and extremely patiently tolerated husband of ceashels.
WARNING: Y Chromosome behind the keyboard. Adjust your listening filters appropriately!
ThreeTwo mortgages,twooneno car loans,oneno credit cards, and a partridge in pear tree!
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