Archive for November, 2007

Home Refinancing Perplexity

November 14, 2007 at 5:05 am · Filed under Mortgage Rants ·Tagged , , ,

Honestly, can you really be that perplexed in today’s market if you are thinking about refinancing?

I’ve actually noticed that mortgage interest rates are very favorable, so assuming you have home equity then by all means it can make sense.

What you actually do with that home equity is where it get’s important.

My financial advisor actually convinced me to cash out my 401K and put it to work for me.

His argument was that if I wait til 59 1/2 to begin pulling cash you, tax brackets will probably be higher and I will spend 1/3rd of my yearly income on taxes.

However if I put the retirement funds in tax favored investment the income will not be taxable in the future which means I’ll have more of it.

It’s a common misconception to think that all this pre tax savings is the golden egg. No one ever thinks about what tax bracket they will be in at retirement.

Interesting concept.

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Mortgage Dirty Laundry – You Refinance Wussies

November 9, 2007 at 2:47 am · Filed under Mortgage Rants ·Tagged , ,

Honestly, I needed to vent and since I couldn’t be the “Stupid Home Owner Authority” (he beat me too it dammit) then I can add my two cents about what’s happening in the mortgage industry and who’s to blame.

We all need someone to blame don’t we! (<< question mark missing for effect)

So, I’m reading a local story about some wuss that was crying about how his mortgage lender doesn’t care about him and how it’s the banks fault for his foreclosure and then…after some research I come across http://www.stupidhomeowner.com.

I felt so inspired by this guy that I had to start something and get into the conversation.

Apparently his ideas about the mortgage woes being the home owners fault is making a lot of sense – and frankly I’m gonna agree that home owner education in the mortgage process is critical.

When I was getting my mortgage done, and subsequently my refinance I did the research….I figured out the process then approached it with some education under my belt.

It appears that everything good and bad starts with someones credit score – and that can be manipulated with one of the online credit repair firms (totally legal by the way).

Sooooooo – get off your stupid home owner butt (as he likes to put it) and get that credit in order before I have to rant some more here.

Post your comments below and let’s figure this stuff out together – I’m open to your ideas.

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