most recent 30 from http://www.ourluckydime.com 2010-08-01T04:28:10Z http://www.ourluckydime.com/feeds/tag/mortgage http://www.creativecommons.org/licenses/by-nc/2.5/rdf http://www.ourluckydime.com/questions/23/what-are-the-advantages-and-disadvantages-of-a-mortgage-offset-account avm 2009-09-28T09:17:00Z 2009-10-21T22:17:49Z

<p>I have a mortgage offset account with 100% offset. I also have enough money in this account, that I am not paying any interest on the mortgage. I don't want to prepay as there is a pre-payment penalty clause. Also, the amount in the offset account is what I use as an emergency fund and an opportunity fund. </p> <p>I have other investments in bonds and equity, but due to the large mortgage offset, the cash component of my portfolio is quite high and skewing the asset allocation.</p> <p>I wonder if I am really getting the best deal out of the offset account and want to see what other's opinions and experiences are. Even though there is no interest, paying the principal will still take another 6 years to finish off the loan. I am effectively getting a return of 7.5% on the offset amount, while still having it liquid. In comparison, the government bond (tax-free) is 8%, but locked for 5 years.</p>

http://www.ourluckydime.com/questions/100/when-is-it-ok-to-allow-foreclosure-on-a-house MrChrister 2009-10-10T20:15:23Z 2009-10-11T12:23:56Z

<p>In summary</p> <ol> <li>The house became an investment when I moved 200 miles to take a much better job</li> <li>The house is $40K upside down in the mortgage</li> <li>I have stable renters, but they only pay 60% of the mortgage.</li> <li>I am not technically in hardship. I am only $100 or so in the red each month</li> <li>My loan is a single 40 year fixed, that is 2 years old</li> <li>I bought the house with an ex-wife and refi'd at the peak of the market into my name only as a favor to the ex. That added $400/month to my budget.</li> <li>My credit is currently very high 750-800 range.</li> <li>I am currently renting, have a 1 year old child and a very stable job</li> </ol> <p>The issue and reason I want to ditch the house is I don't see how I can get my family ahead in life with losing $100/month. What if my car breaks down? What if I have some hospital bills? What if we get robbed or some other thing. There is no padding in the budget.</p> <p>I have been told many times that as an investment house, I am not eligible for any of the bailout consumer assistance programs.</p> <p>My ultimate feeling is that as an investment, this house sucks. I can't get out of it any other way than foreclosure since the market won't buy a house at the value I would need. I don't have any cash to make up the difference and take the loss. The only reason I think I should be paying is the "I-took-the-load-so-I-need-to-pay" rationale, which is becoming less and less ration the deeper into debt I go.</p> <p>I understand my credit will be whacked for a few years. But I can save $800/month without this house and that will allow me to be debt free and actually save some money in short order.</p> <p>Besides any moral issues, what feedback do you have? What am I not thinking of?</p>

http://www.ourluckydime.com/questions/81/steps-to-take-when-buying-a-house sefner 2009-10-06T19:06:39Z 2009-10-10T17:15:36Z

<p>My family and I are in the very early stages of buying a house. I think the first step is to get pre-approved for the mortgage but how do you know the best place for that? What are the steps I should take to ensure I get the most for my money?</p>