Tilted Forum Project Discussion Community - View Single Post

Cynthetiq · 04-03-2007, 04:32 PM

actually the question piglet is really asking is:

Can you rent your mobile home for at least $700/month?

I don't recommend lying on your mortgage application, it is a federal offense for lying on a financial instrument, but if you could rent your current place for at least $700 then you are at least even. It then would mean that you could get a loan for a new place, but you'd again need to have a down payment. Sub prime loans you can currently read about in the news how people got mortgages with zero down, or interest only, or even adjustable rates with low introductory rates.

If you were to refinance, it would cost you almost $2000 for closing costs, and maybe you could reduce your payments by $100. If you keep the place for 20 more months to recover the $2000 then again you're even.

If you can rent the place for the same $700 you'd be $100 positive and that would be considered income. You could then pick handle a mortgage for $800.

Borrowing against your 401(k) isn't advised, mostly because you are paying back your 401(k) with AFTER tax dollars instead of how you actually got the number as PREtax dollars. This means you're paying tax on that dollar twice, once to pay back the loan and then another time when you actually withdraw the 401(k) money. Also if you were to get laid off or quit your job, you'd have 60 days to repay the loan.

04-03-2007, 04:32 PM	#5 (permalink)
Cynthetiq Tilted Cat Head Administrator Location: Manhattan, NY	actually the question piglet is really asking is: Can you rent your mobile home for at least $700/month? I don't recommend lying on your mortgage application, it is a federal offense for lying on a financial instrument, but if you could rent your current place for at least $700 then you are at least even. It then would mean that you could get a loan for a new place, but you'd again need to have a down payment. Sub prime loans you can currently read about in the news how people got mortgages with zero down, or interest only, or even adjustable rates with low introductory rates. If you were to refinance, it would cost you almost $2000 for closing costs, and maybe you could reduce your payments by $100. If you keep the place for 20 more months to recover the $2000 then again you're even. If you can rent the place for the same $700 you'd be $100 positive and that would be considered income. You could then pick handle a mortgage for $800. Borrowing against your 401(k) isn't advised, mostly because you are paying back your 401(k) with AFTER tax dollars instead of how you actually got the number as PREtax dollars. This means you're paying tax on that dollar twice, once to pay back the loan and then another time when you actually withdraw the 401(k) money. Also if you were to get laid off or quit your job, you'd have 60 days to repay the loan. __________________ I don't care if you are black, white, purple, green, Chinese, Japanese, Korean, hippie, cop, bum, admin, user, English, Irish, French, Catholic, Protestant, Jewish, Buddhist, Muslim, indian, cowboy, tall, short, fat, skinny, emo, punk, mod, rocker, straight, gay, lesbian, jock, nerd, geek, Democrat, Republican, Libertarian, Independent, driver, pedestrian, or bicyclist, either you're an asshole or you're not. What's the best nation in the world? DO-NATION!