Results 1 to 2 of 2
  1. #1
    jillinole
    Guest

    Default Should we sell or refinance?

    I don't know if this is the place to do this, but mods will delete if

    it isn't. We have about 30% equity in our house. It's a little more

    house than we need, although it is nice and in a nice area. We also

    have $30K in consumer debt, outside the remainder of our mortgage. We

    live on one income ($45K). We could move to a less expensive house in

    the area and pay off the debt, or refinance and ride this horrible

    house market out until it improves, not being able to save anything

    and still have debt. The irony is that we have excellent credit and

    fico score. It's almost as if being in debt helps this? I guess if

    you always pay your bills, it's all good...at least that's what my DH

    says.

    Anyways, I realize this is just an opinion, not expert advice, but

    what would you all do?

    thanks!

    jill (newbie)








  2. #2
    herberkids3
    Guest

    Default Should we sell or refinance?

    It isn't so much that being in debt helps your credit rating, but if

    you are capable of paying your bills on time each month, that helps

    your credit rating.



    As for the house... well, if you feel it's more than you need, and

    yu want to downsize the house and the debt, it isn't a bad idea to

    at least look around at some houses, and see what the market in your

    area is like.



    In most ares right now, it's a buyers market- which means that the

    buyer gets the better deal, not the seller. Now, that's great if you

    are just buying a house, but in trying rely on selling your home

    first, you may have problems.



    However, some areas are no having the same problems, so you may have

    an easy time selling.



    Good luck!



    --- In Budget101_@yahoogroups.com, "jillinole" <jilltudor@...> wrote:

    >

    > I don't know if this is the place to do this, but mods will delete

    if

    > it isn't. We have about 30% equity in our house. It's a little

    more

    > house than we need, although it is nice and in a nice area. We

    also

    > have $30K in consumer debt, outside the remainder of our

    mortgage. We

    > live on one income ($45K). We could move to a less expensive

    house in

    > the area and pay off the debt, or refinance and ride this horrible

    > house market out until it improves, not being able to save

    anything

    > and still have debt. The irony is that we have excellent credit

    and

    > fico score. It's almost as if being in debt helps this? I guess

    if

    > you always pay your bills, it's all good...at least that's what my

    DH

    > says.

    > Anyways, I realize this is just an opinion, not expert advice, but

    > what would you all do?

    > thanks!

    > jill (newbie)

    >










 

 

Tags for this Thread

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •