Fed Financial
Financial Help?
- We owe 167k on a house appraised at 230k - We want to repair the siding, fence, lanscaping and paint outside and replace kitchen countertops and windows inside to the tune of 10k. - We currently pay 330/month on one car loan, 600 month on the personal loan and try to pay an extra 300-400 month to the loans - We want to have another baby, which will increase our monthly daycare costs by 600-700. We don't know if we should: - scrap the improvements and try and sell - do nothing - do the improvements and try and sell - consolidate - HELOC - Refi (we're on a 5-yr ARM at 5.25 and have about 4 years left. We had to refi a couple years ago to do a complete tear off on the roof)
Public Comments
- I would recommend puting all your loan payments(mortgage/car/etc) into one loan with a re-fi. You could probably knock you monthly payments down substantially and take out the 10k you need for repairs.
- I'm not sure from the question if you want to move or not. If you are almost finish paying off the house, I think you should stay there for awhile and use what would usually be the mortgage money to pay off all of your bills including the car loan. When all bills are paid, save additional for the improvements on the house, then try to sell, by this time the house should be worth more...if not by the market, then by the improvements that were done on it.
- Do NOT have another baby (yet) Pay off your loans ASAP Make sure you are properly insured Accumulate an emergency fund with 4 - 6 months of living expenses Start putting 10-15% of your combined salaries into investments (learn how to invest before you do this and define your goals) Refinance to a 15 year mortgage if possible THEN you are in shape to start doing projects on the house. Do one at a time and make sure one project is paid off before you start the next. After all projects are done, start thinking about that baby...
