Today we're answering our CT listener's questions! You wrote to us at mortgagemattersradioshow@gmail.com and we've got some expert mortgage and financial strategies to help you achieve your Home Buying or Refinance goals!
You can follow along each question below:
0:00 Mark from East Hartford writes: "I am newly engaged. I would like to buy a home with my fiance. How can I take money out of my home I've lived in for 10 years and use it to put down on a new property? Will I need to see if I can qualify for two mortgages?"
6:11 Leslie from Windsor writes: “My partner of 10 years and I split up last year and I have accumulated a significant amount of credit card debt (to the tune of $30,000) since. I was on track to have my home paid off within 10 years but now I am contemplating whether it makes sense to refinance or sell my home. What option would make the most sense for me?”
12:28 Baldeo from New Britain writes: “I have wanted to buy a home for the last several years but I am discouraged. I have about 15k saved but my credit has major issues. The last time I tried to get pre-approved, the bank didn’t even call me back. What is a good plan of action for me to achieve my goal of homeownership as soon as possible?"
16:15 Susan from Thomaston writes: “My husband and I are in our late 20s and have no debt. We bought our starter home a few years ago and put 5% down. We were planning on upgrading to a nicer home but with as high as prices have gone, we feel priced out of the market. Should we keep saving to buy another property or put money towards our mortgage to pay it off sooner? We have no other debt besides our cars and mortgage.”
20:30 Robert from New York writes: “I found your show via the CT Real Estate Podcast and really enjoy all the information you share. My fiancé and I are planning to move to Central CT from Manhattan sometime in the next 6 months. We have excellent credit, high six-figure incomes, plenty saved up to put 20% down, and no debt to speak of. My question is about the type of mortgage to get—the interest rates seem to be a lot lower on 15-year loans. With us being in our mid-30s, we could pay our home off very quickly using a 15-year loan. I have heard you mention that 30-year loans are better for first-time homebuyers. Would you still recommend a 30-year mortgage in our circumstance?”
22:30 Mark from West Hartford writes: “I have been wanting to do an addition to my home for a while. I am contemplating whether I should take either a loan from my 401k, a home equity line of credit, or do a cash-out refinance on my home. Can you help me determine which option is best?”
24:30 Tony from Watertown writes: “I want to help my son buy his first home. He has a good-paying job and a good amount of money saved. I know he can afford the payments, but I'm afraid his credit score may be too low to qualify. Will co-signing a mortgage for him be a solution so I can help him buy a home?”
25:40 Jane from Suffield writes: “I am currently paying a mortgage interest rate of 6.5% from when I bought my home 10 years ago. I have looked at refinancing to lower my rate a few times but I am scared by all of the closing costs. I know it will save me money but is it really worth it? How can I tell if I should refinance my home?”
For Mortgage and FInancial advice, please reach out to our office directly! Phone number: (860) 413-3938. Let us know you found us on the CT Real Estate Edge Podcast.
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