" dilemma "

[vmax190]

you better go ahead with your cc plan, the government is going to take our weapons and you won't be able to waste anybody, but the shit that going on in this country rite now i would rather do the second option.

 

[Frosty72]

I put the rest of my wifes bike on our Equity Line of Credit, you can claim the intrest on your taxes just like your home loan intrest. Just like Chaos said continue to make the same payment, or else! That's what really gets people.

I just hope you or your wife don't become part of the unemployed! Good luck.

 

[COP RUNNER]

LIKE I SAID , THIS IS WORSE CASE , I HAVE NEVER SCREWED ANYONE & HAVE ALWAYS PAID MY BILLS & HAVE GREAT CREDIT ! IF EITHER ONE OF US GET LAID-OFF , WE MOST LIKELY WOULD HAVE TO SELL THE HOUSE & I WOULD USE THAT MONEY TO PAY EVERYTHING OFF ! WE HAVE ALOT OF EQUITY . I'M THINKING OF PAYING IT OFF WITH A CC CHECK AT NO INTREST FOR 18 MONTHS , THEN 7.9% AFTER THAT . THE LOAN I HAVE NOW IS 8.9% , I'M GOING TO STEW ABOUT IT & WEIGH OUT EVERYTHING YOU GUYS SAY OVER THE NEXT MONTH ! AND THANKS EVERYONE FOR THE INPUT ! unk:

 

[COP RUNNER]

I will be the least popular guy here for saying this but if you are switching your loan to a credit card just to avoid a posssible repossession that is a very poor reason. If you are doing it to save on interest then no problem....go ahead and do it but remember to make regular payments, don't get into the habit of making minimum payments (that will end up increasing your interest which is what you are trying to avoid) and make sure your rate will remain better than what you have on your current loan.
For example lets assume you owe $8k on your bike. At 8.9% over the next 3 yrs you will pay approx $1144 in interest. At 6.9% it will be approx $879.
In a poor economy we might not be able to keep all of the toys we have become accustomed to but that is no reason to "screw" the bank/credit card company to keep your bike. Don't get me wrong as I remember living pay check to pay check but you still have to maintain integrity.
My opinion may be somewhat slanted as I am the branch manager of a bank so take it for what it is worth.

HEY CHAOS , HOW DID YOU NO I OWE $8,000 & MY RATE IS 8.9% ? ARE YOU A PSYCHIC ? :ummm:

 

[Chaos]

BIG BROTHER SEES EVERYTHING!!! I work in a bank so I just looked you up.

Just kidding, I just figured if you paid 10-12k for your bike new in 06, you said you had 3 yrs left, I figured you would be around 8k owing still.

I hope you didn't take any offense to my comments as I certainly wasn't trying to be a dick. Your comments from your last reply of taking the 18 months int free and then % going to 7.9 makes sense. Just remember DO NOT START MAKING MINIMUM PAYMENTS OR YOU SCREW YOURSELF. That's what gets people in trouble. Everybody makes their loan payments as they are set and you have to pay the same every month. In a month where there is too much month and not enuff money, it's easy to make the minimum on your cc and it's all downhill if you don't discipline yourself.

 

[COP RUNNER]

big brother sees everything!!! I work in a bank so i just looked you up.

Just kidding, i just figured if you paid 10-12k for your bike new in 06, you said you had 3 yrs left, i figured you would be around 8k owing still.

I hope you didn't take any offense to my comments as i certainly wasn't trying to be a dick. Your comments from your last reply of taking the 18 months int free and then % going to 7.9 makes sense. Just remember do not start making minimum payments or you screw yourself. That's what gets people in trouble. Everybody makes their loan payments as they are set and you have to pay the same every month. In a month where there is too much month and not enuff money, it's easy to make the minimum on your cc and it's all downhill if you don't discipline yourself.

no,no,no, its all good , chaos , i'm actually going to check into refinacing my house , the lower rate i would get now would probably pay for the bike ! What do you think ?

 

[Chaos]

refinancing the house isn't a bad idea with low mortgage rates but it depends on what you are paying off. If right now you have 3 yrs left to pay on max and you rewrite that loan into your mortgage over say 10 yrs or longer then all you have done is taken longer to really pay it off and in the long run probably paid more interest....substantially more.

 

[COP RUNNER]

refinancing the house isn't a bad idea with low mortgage rates but it depends on what you are paying off. If right now you have 3 yrs left to pay on max and you rewrite that loan into your mortgage over say 10 yrs or longer then all you have done is taken longer to really pay it off and in the long run probably paid more interest....substantially more.

yeah , i here you , i also have $12,000 no a cc that i would pay off , and we maybe selling the house in 3 years or so , or if one of us loses our job it will be sooner ! What do you think ?

 

[Earlzach]

What about looking into a Home equity or improvement loan?
That interest rate would be much lower than the one you have now. Plus you can do it for a short duration like 3 years.

Or you can call the place your loan is through now and tell them you recieved an offer to finance at a different bank at say 8.9. But to avoid the paperwork you will stay if the bank your at will adjust your loan to match or better the rate. It is more important to the lender to keep you at any rate than to lose the entire loan. In most cases if your sinsere and not a D head they will satisfy you terms.

 

[Transam]

Just me but I'd let everything else go before the house. You can
always get another bike but you gotta have a place to hang your
hat. What about a second motgage on the house ?
luckily I haven't had to make that hard a decision yet. My company
was just bought by another and we are in the beginning
stages of conversion. Rumor is wages will drop and hours will
increase. I may have to sell my 81 TA to pay off a few bills to
make ends meet, so I know where your coming from. I'll try
like hell to hold on to my 89 though.
Hope all turns out well,
Chris

 

[COP RUNNER]

just me but i'd let everything else go before the house. You can
always get another bike but you gotta have a place to hang your
hat. What about a second motgage on the house ?
Luckily i haven't had to make that hard a decision yet. My company
was just bought by another and we are in the beginning
stages of conversion. Rumor is wages will drop and hours will
increase. I may have to sell my 81 ta to pay off a few bills to
make ends meet, so i know where your coming from. I'll try
like hell to hold on to my 89 though.
Hope all turns out well,
chris

yeah , what i'm thinking is that if i refinance at a lower rate & pay off my $12,000 cc & $8,100 v-max loan , my mortgage payment might stay the same , or maybe be less & not have the extra v-max & cc payments . I no in the long run i'd be paying alot more money but we could probably keep the house if one of us gets laid off ! I sure dont want to be homeless with a 5 year old son !

 

[gunrunner]

What are your interest rates there for your mortgages , and can you guys get mortgage insurance . If mortgage interest rate is cheaper put it all on the mortgage . And if you have mortgage insurance and the worst happens it gets paid for you until you are financially able again .:clapping:unk::clapping:

 

[MikeS]

Another thought. Rather than putting it on a CC, you might want to look into getting a home equity line of credit, and paying it off with that. With a home equity line of credit, I believe (but I'm not 100% sure of this) that the interest you pay would be tax deductible, where a credit card wouldn't be.

-MikeS

 

[COP RUNNER]

A FRIEND OF MINE SAID HE CAN REFINANCE MY HOUSE FOR ABOUT 4.5% , I CALLED MY CURRENT MORTGAGE CO. & THEY SAID THERE MORTGAGE RATE IS 7.25% , I SAID MINE IS 6.10% RIGHT NOW ! SHE WAS CLUELESS TO SAY THE LEAST ! DOES ANYONE KNOW THE CURRENT RATE ? :ummm:

 

[hubeerjw]

A FRIEND OF MINE SAID HE CAN REFINANCE MY HOUSE FOR ABOUT 4.5% , I CALLED MY CURRENT MORTGAGE CO. & THEY SAID THERE MORTGAGE RATE IS 7.25% , I SAID MINE IS 6.10% RIGHT NOW ! SHE WAS CLUELESS TO SAY THE LEAST ! DOES ANYONE KNOW THE CURRENT RATE ? :ummm:

4.5% is pretty damn good... but you might want to look into it further. I know the fed govt. recently lowered the rate again, and it is the lowest ever. Be careful, some mortgage companies have a "points" thing and if you buy into the points you get a lower interest rate, also be careful of the balloon rates... they are good for 5 years (or some some specified time) and then the rate can go up to whatever the current rate at that time is. Another option you should look into is having the payments come directly out of your checking or savings account every 2 weeks instead of every month. I think this will take about 5-7 years off a 30 year mortgage.

Check out this link... lots of good info. Try the mortgage calculator or some of the other links.

https://www.cefcu.com/learning/calculators.php

 

[COP RUNNER]

Another option you should look into is having the payments come directly out of your checking or savings account every 2 weeks instead of every month. I think this will take about 5-7 years off a 30 year mortgage.

Check out this link... lots of good info. Try the mortgage calculator or some of the other links.

https://www.cefcu.com/learning/calculators.php

THANKS , I PAY BY WEEKLY NOW WITH MY MORTGAGE & ITS DIRECT WITHDRAW , I WILL CHECK THIS SITE OUT LATER & THANKS FOR THE HEADS UP ON THAT BALLOON MORTGAGE !unk:

 

[COP RUNNER]

TALKED TO SOME BANKS TODAY , THEN I CALLED ONE OF MY BEST FRIENDS WIVES , SHE IS VICE PRESIDENT OF A BANK , SHE SAID THAT T-D BANK HAS THE LOWEST % RATE RIGHT NOW , ITS 5.35% ON A 30 YEAR MORTGAGE . MY CURRENT MORTGAGE RATE IS 6.09% , SHE SAID ITS NOWHERE NEAR WORTH IT ! ESPECIALLY WITH CLOSING COSTS ADDED IN & WERE PROBOBLY GOING TO SELL IN 2-3 YEARS ! SO I GUESS THATS IT . I'LL HAVE TO JUST HOPE FOR THE BEST ! THANKS EVERYONE FOR YOUR ADVICE !unk:

 

[dannymax]

TALKED TO SOME BANKS TODAY , THEN I CALLED ONE OF MY BEST FRIENDS WIVES , SHE IS VICE PRESIDENT OF A BANK , SHE SAID THAT T-D BANK HAS THE LOWEST % RATE RIGHT NOW , ITS 5.35% ON A 30 YEAR MORTGAGE . MY CURRENT MORTGAGE RATE IS 6.09% , SHE SAID ITS NOWHERE NEAR WORTH IT ! ESPECIALLY WITH CLOSING COSTS ADDED IN & WERE PROBOBLY GOING TO SELL IN 2-3 YEARS ! SO I GUESS THATS IT . I'LL HAVE TO JUST HOPE FOR THE BEST ! THANKS EVERYONE FOR YOUR ADVICE !unk:

I agree with her. General rule of thumb on re-fi's, if you can't pick up at least a full point on the interest it's not worth it.

Keep looking into it tho, this situation isn't over yet, rates will prolly fall more.

 

[COP RUNNER]

WELL AFTER MUCH DISCUSSION & WEIGH-EN OUT MY OPTIONS , I DECIDED TO PAY OF MY V-MAX USING A CREDIT CARD CHECK , ITS A FIXED RATE FOR THE LIFE OF THE LOAN & ITS 2% LOWER THEN I'M PAYING NOW , SO I PUT $7,300.00 ON A CREDIT CARD CHECK LAST MONTH & CALLED FOR MY PAY-OFF LAST WEEK SO IT WAS MY PERSONAL CHECK THAT ACTUALLY PAID IT OFF IN FULL , $215.28 , NOW I'M JUST WAITING FOR THE TITLE ! ( WHY I DID THAT IS A WHOLE NOTHER STORY OF GETTING DICKED AROUND FOR A CAR TITLE I HAD PAID OFF ONCE ! ) , BUT ANYWAY , I JUST SENT MY CREDIT CARD $1,000.00 & I JUST HAD MY TAXES DONE & I'M GETTING BACK $5,000.00 , SO I'M GOING TO SEND THAT RIGHT TO MY CREDIT CARD , THERE WAS ALSO A $250.00 ONE TIME FEE FOR USING THE CREDIT CARD CHECK , BUT IT ALL WORKED OUT GOOD I THINK , WITH THE $1,000.00 I JUST SENT & ON MY NEXT STATEMENT I'M SENDING $5,000.00 , MY CREDIT CARD BALANCE ONLY WENT UP $1,515.28 + 7.9% INTEREST , BUT I'LL HAVE MY TILE & NO BIKE PAYMENT ! I CAN NOW PUT THE $195.00 A MONTH V-MAX PAYMENT RIGHT TOWARD THE CREDIT CARD PAYMENT ! THANK GOD FOR MY TAX RETURN ! WHAT DO YOU GUYS THINK ?...:confused2: P.S. THANK YOU FOR ALL OF YOUR GUYS INPUT !unk:

 

[KJShover]

Great move, congrats on owning your ride outright :clapping: