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 » HECM-what does it mean?

HECM-what does it mean?

Topic: Mortgage

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Yeyenudin
I think credit is kilnilg America however we need it to keep the economy afloat so it is very tenuous, ie who could buy a new car for cash, no one or very few so we need credit. Tax advantaged credit ie student loans and mortgages are not so bad and at low rates, it is using the banks money to build wealth but credit cards etc are evil.No credit is not bad and easily fixable bad credit is bad and should be avoided at all costs. As a credit manager I'd give it to the no credit guy as he has a solid job and has never shown any reason to doubt him, why make him guilty before he has done anything wrong, the bad credit guy has proven he will not pay at least one time in his life, so he has a track record.By the way, I have bad credit as part of trying to start a small business so you'll see I am not prejudiced.
read more... 03/28/2013

Danielly
Fixed rates are usually much, much hieghr than flexible. I'm not sure your HELOC is best spent on your mortgage, especially considering that you guys have the lovely MID thing going on. I'm assuming that your income bears your mortgage okay already. You are effectively mortgage cycling almost, you'll own your house but still have a net worth problem doing that. It's sort of an eggs in one basket technique. I'd be inclined to diversify a bit, but you should get a second opinion. It just seems rushing to effectively get rid of a tax write off (mortgage interest) when you may not need to, may not be the best thing at all.How low can you fix your rates? What will your income bear? Your rate increase tolerances? If we're only talking about a few thousand per year, is the headache even worth it to you? Lots of questions to consider.Oh that was presumptuous. The US lets you write off mortgage interest, Canadians have to do the fancy Smith Manoeuver to get the same effective thing going on.
read more... 10/01/2012

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