Your Questions About Save Loan

James asks…

Is it good to buy down points(2 points) for the home loan or save the money ?

Is it good to buy down points(2 points) for the home loan ( 175K loan) upfront or save the money in this bad economy and then apply this money later to the principal amount ?

John answers:

The rule of thumb is:

If you don’t plan to stay in the home past three years, don’t pay points.

If you plan to stay fiver or more years, pay one to two points.

If you plan to stay between three and five years, it doesn’t matter.

I just bought my first house and plan to stay for 10 to 15 years, so I bought down points!

Sandy asks…

Owner financing and coventinal loan which one save tax as a owner?

I am an owner and intend to sell the property. Which one save taxes, I finance the buyer say 10% for 10 years, or regular conventional loan and get whole amount. How does tax work in both ways for me. Does anybody know the answer? Please help me.

John answers:

Why don’t you begin by mentioning which country you pay taxes in. There are people from more than 50 countries who speak English answering these questions.

Steven asks…

My grandpa is loosing his house and i wanna get a loan to help him save it.?

I’m 18 and have no credit. I know you usually need to build your credit up before you get a loan. But I really don’t think we can get the loan to save the house on time if we do that. What I need to know is how and where I can get a loan with no credit. Or if I just have to try to build my credit anyways and hope I can build it before we loose the house.

John answers:

You need a personal loan, which will not happen if you do not own property.

You might manage a Pay Day loan.

Richard asks…

How much will paying about $8-10K on my auto loan save me. Or will it help anyways.?

I just bought a truck without really planning it out too well. Put a measly down payment on it. Now I am upside down a little and owe $25,000 on a $21,000 truck. I know I should have put the money down in the first place but… So If I were to put another $10k to the bank that I have saved up, how much would this save me? with interest and all. And as long as I have already paid my monthly bill would that money all go to the principal?

John answers:

Yes only if you specify principal only. You you don’t specifiy that it will go to interest aswell

Betty asks…

Should i save up to pay off my student loan first or start saving for a mortgage instead?

I want to save up for a mortgage but not sure if i should save up and pay off my student loan first?…then ill have no debt…but it means delaying saving for a mortage for about 2 or 3 years. but the interest on the student loans is now 4.4%!!!! which is high. Is anyone in similar situations?

John answers:

Ive just finished my degree….

Personally I’m leaving the student loan and just having them take out what is necessary… Until I’m in a better position, the monthly payment are pretty minimum and the interest rate is one of the best you will get (other than those introductory 0% credit cards)

Getting a mortgage is much higher on my priority at the moment, so we are saving for a deposit on that first.

I’d waste more money paying rent if i was priced out of the market because i waited 3years!!

You could consider a 100% mortgage that way your on the market ladder, and can still pay off your student loan.

Its completely up to you and your priporities xx

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