You know what we need here?

Discussion in 'Credit Talk' started by Struggler, Aug 5, 2001.

  1. dtembe

    dtembe Active Member

    It was Don Semler on Bayhouse. His website is
    http://www.aimloans.com
    and he does know quite a bit about different mortgage packages that are out there. He is a very good resource for information on obtaining a mortgage.
     
  2. Maer

    Maer Well-Known Member

    Yes, that was it!!!!
    I can't seem to get into Bayhouse for some reason. I hope she didn't take it back down!!!
    I'm going to e-mail him and ask if he will post here. Is that too corny?
     
  3. GEORGE

    GEORGE Well-Known Member

    I THOUGHT SOMEBODY TODAY SAID IT WAS GONE....
     
  4. Maer

    Maer Well-Known Member

    She has a message saying there is some problem and to check back later. I hope that is all it is.
     
  5. GEORGE

    GEORGE Well-Known Member

  6. PuuOoPaul

    PuuOoPaul Well-Known Member

    George,

    How many cc do you have? Although you may have good credit they may have a policy of not extending credit to folks that have too much available. If you presently have $100k in available credit and only are utilizing 10% of it they may be leary as to why you want more credit.

    Just a thought.
    PuuOoPaul
     
  7. Dani

    Dani Well-Known Member

    Hi, I may be misunderstanding something. I thought since hubby and I purchased a truck for $28,000 (total financing including interest is $34,000) that we would have to finance that entire amount into the new loan. So far we have made six car payments and I think our balance is down to $30,400. The majority of the payments are going to interest with a very slim percentage going to principal. The principal amount is $27,700. Do I only have to finance this amount or the entire $30,400? This is where I am lost. Wouldn't my local bank want their additional interest on the loan? Or since I'm paying off the loan early they would deduct that interest since it was intended for a 60 month loan and not a six month loan? Have I confused everyone yet?

    Thanks,
    Dani
     
  8. Struggler

    Struggler Well-Known Member

    If the principal is $27,700.00, then that's all you're financing. The new bank will make their interest money on each payment you make. As far as the old bank is concerned, it's the equivalent of you paying off the truck with cash. The $34,000.00 total figure would only apply if you paid the truck off in monthly payments over the lifetime of the loan. In other words, if you stay with the original bank and and make exact monthly payments each month until it's paid off, then that's the amount you will have paid.
     
  9. Mist

    Mist Well-Known Member

    You need to call your bank and ask the what they payoff amount would be. They'll figure it for you. Check your loan papers to see if there is a clause for a pre-payment penalty.
     
  10. Squawk1200

    Squawk1200 Well-Known Member

    I'm a lawyer, although I do not "specialize" in creit law -- I do commercial, intellectual property & civil rights litigation. I try to answer legal-type questions when I see them & when I have time, and in the past when I ahve run into folks with problems I think I can help solve I've invited off-the-board communication -- at no charge (I am NOT looking for clients; in fact, I currently work in the court system and I can't take on clients).

    Anyone asking me anything, though, should be aware that I think that some of the legal opinions posted on here by some of the more popular posters is simply wrong or based on urban legend. But will will explain to you why I think what I think.
     
  11. G. Fisher

    G. Fisher Banned

  12. Dani

    Dani Well-Known Member

    Thank you Struggler for replying. I wasn't sure if I needed to finance the remaining balance on the truck, but I know I do not. I estimated it saving us approximately $30.00 a month which is $1800 on a sixty month loan. I may call the credit union after our home closes to see if they would reduce it even less. Thanks again.

    Dani
     
  13. GEORGE

    GEORGE Well-Known Member

    --------------------------------------------------------------------------------------------
    Squawk1200

    I'm a lawyer, although I do not "specialize" in creit law -- I do commercial, intellectual property & civil rights litigation.
    ----------------------------------------------------------------------------------------------

    THIS IS RIGHT UP YOUR ALLEY...F.I.C.O. is VIOLATING my CIVIL RIGHTS to get credit!!!
     
  14. Struggler

    Struggler Well-Known Member

    Anytime. Yeah, it's easy to get confused between an actual payoff and the amount owed in payments.
     

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