How do YOU answer the credit card question?

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iVillage Member
Registered: 02-21-2003
How do YOU answer the credit card question?
1432
Fri, 11-05-2010 - 3:30pm

Why can’t you just use your credit card?



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iVillage Member
Registered: 01-15-2006
Thu, 11-11-2010 - 6:35am

PMI stinks, LOL..we've had PMI before and when we requested it be removed, we needed all these supporting docs to prove that we lived in the house more than two years, a new appraisal proving it's worth, etc..we gathered that and had it removed but it was a royal PITA.

 

iVillage Member
Registered: 01-15-2006
Thu, 11-11-2010 - 6:41am

the advantages of NOT escrowing is putting the money for T & I into your own money market/savings account, earning interest on it, drawing off it when your taxes and insurance are due, very true.

 

iVillage Member
Registered: 01-15-2006
Thu, 11-11-2010 - 6:43am

riiight, cut me a deal if i escrow my taxes and insurance into a mortgage with you, shudder.

 

iVillage Member
Registered: 01-15-2006
Thu, 11-11-2010 - 6:47am
LOL, idiot lenders, predatory lenders..what gives?

 

iVillage Member
Registered: 12-07-2003
Thu, 11-11-2010 - 6:48am
When we were searching for mortgages, an FHA mortgage was one of the ones with the lowest interest rates. I'm sure there are other similar mortgage programs with low interest rates that require escrow. We ended up with something else with a lower interest rate, which also required us to escrow our taxes.
iVillage Member
Registered: 12-07-2003
Thu, 11-11-2010 - 7:21am

Wow, if I held my own tax and insurance money and managed to put it in an account earning 6% interest, I'd have a whole $100 at the end of the year! That's the way to build generational wealth. :P

iVillage Member
Registered: 10-22-2009
Thu, 11-11-2010 - 7:38am
Oh please...lol
iVillage Member
Registered: 10-22-2009
Thu, 11-11-2010 - 7:40am
About sums it up...
iVillage Member
Registered: 10-22-2009
Thu, 11-11-2010 - 7:41am

Clearly you do not undersand how

iVillage Member
Registered: 10-22-2009
Thu, 11-11-2010 - 7:48am
PMI is extra insurance that lenders require from most homebuyers who obtain loans that are more than 80 percent of their new home's value. In other words, buyers with less than a 20 percent down payment are normally required to pay PMI. you have the right to request cancellation of PMI when you pay down your mortgage to the point that it equals 80 percent of the original purchase price or appraised value of your home at the time the loan was obtained, whichever is less.

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