If there is not enough equity then you would need to put a down payment for the blended mortgage amount needed to close your new home purchase.

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1. go travel as many countries as you can. try to have a lot of wonderful and enjoyable memories seeing other people and cultures. however, you have nothing left to own a house. 2. streach yourself and put most of your money to buy a house w/ 30 year mortgage. you have nothing left to travel anywhere until you paid off the mortgage.

single no commitments.....1 married with commitments....2

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If after paying for your car(gas) ,bills,rent/mortgage and utilities and food you had 1000 euro left over(1460 usd 930 gbp)) spending money would you be satisfied? do most people have that amount of spending money left over after having paid for necessities? obviously 1000 euro is after tax.

uhh yes! spread the wealth! lol

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That's the same premise as obam's stimulus package. the amount of money he's spending may seem outrageous, but it's the only way this economic catastrophe is going to turn around. it's nothing like what bush did. he took a record surplus and wasted it on an unecessary war, which took us deeper and deeper into debt, to the point his administration had to start borrowing money. with the domino effect, it turned this country upside down as our economy got worse and worse. he left the presidency, our country and the american people in a nightmare situation. obama's stimulus package and the amount he's spending, is the only way banks will be able to start lending people money again, mortgage companies to negotiate mortgages that people can afford, rather than not paying anything and going into foreclosure and allowing credit companies to give people credit and eventually lower interest rates, so people start using credit again and paying their bills, rather than going into bankruptcy and credit companies losing billions of dollars. this is how money will start getting back into circulation and into our economy. hate obama is you want, give his plan a chance. no one screwed the americam people like bush. obama can't make things any worse. the hopeful outcome will only make this better. your opinions are welcome. your sarcasm is not. well duh: i said nothing about building up the federal government. i talked about money going to american institutions for the people. clean out your ears. you're the idiot. steven d: did that ever bother you when bush was president as we watched our economy collapse?

I'm with you.

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If i get into a bind during the term of my mortgage what will protect me if i can't make my monthly payments? should i spend the least amount of cash for amortgage and have liquid side investments or pump all my money into the house to try and pay it off quicker? and if i do pump all my money into the house is it really safe during the term of my mortgage in case something happens to me financially and physically?

EEEEK! Don't do this!!! I can't stress that enough. Look, I'm all for paying off a mortgage, and trying to avoid interest, but you can't put all your financial eggs in one basket. First, your mortgage is one of the lowest interest rates you'll ever pay. What if your car goes belly-up? You'll have to replace it at a much higher interest rate than your mortgage is going to cost you. For heaven's sake, investments are probably going to pay you at a higher rate than your mortgage is levying on you. And you rightly point out, if something happens and you can't make your monthly payment, late fees will begin to accrue, this affects your credit rating and other nasty things. When you think about personal finances, you MUST think about diversification. If you have a savings account that can cover emergencies, if you have established an IRA AND a 401K plan, if you have a good mutual fund going, THEN you can see if you can add a little extra to your mortgage payment. To address the last part of your question, I'm not sure I understand, the "is it safe?" part. The more you pay on your principle of your house loan, the more equity you establish, so you could borrow off that, or realize it if you sell the house. But for God's sake, protect yourself, diversify your investments. That is a much sounder financial plan.

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I noticed my friends buy some sort of clothing item every week. while i usually buy a few things every two weeks and spend between $100-200 each time. (it depends on how much money i have after paying the mortgage and stuff). i'm also thinking of selling last seasons stuff on ebay instead of donating it. what do you do with stuff you don't wear anymore?

It depends on your budget....if you make $100K per year, then perhaps you can afford to spend hundreds of dollars each season on new clothes. On the other hand, if you make $6.50 an hour at the local drive-thru, then you shouldn't try to over-extend yourself just to appear "current and fashionable." I have many friends that make significantly less than I do that spend nearly 3 times as much as I do on clothing, so it all depends on where your priorities are. That said, I would prefer to buy a few quality pieces than to spend the same amount on trendy items of inferior quality that may only last me a few seasons. When you start to look at clothing as an investment and choose classic items over trendy onces, you'll realize that you won't need to buy a new wardrobe with each coming season----you'll be able to buy just a few key trendy items each time that will get you through without needing to spend your entire paycheck to look like you've got style. Since you asked for $ amounts, I spend anywhere between $0-$700 each season, some of my friends can drop $1000 each time they go shopping, but then again some of them still live with their parents.

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This would have allowed everyone to be "bailed out" with the same amount of money spent. it would have allowed those people to keep their homes. doing it the way they did, people will be kicked out of their homes and the banks will make another profit from selling their home again. so this doubles the profit of the big bank, but makes others homeless. the same amount of money is going to be spent, so what is the difference? i agree, there should have been no bailout. but since they did it, i wonder why it wasn't done in a way to help the people being forclosed and help the banks.

I also agree...there should have never been a bail out. But now that it has passed, find out who voted for it and VOTE THE BASTARDS OUT OF OFFICE COME NOVEMBER. It didn't go to the poor, the majority is going to go to the rich. Everyone agrees that until the housing market turns around, nothing the government has done so far is going to make a bit of difference. Remember, the rich come first and foremost in this county.

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The amount of the loan is $200,000.00. the house was valued at $490,000.00.

nothing happens with a reverse mortgage the homeowner can stay in the house until they die and never have to make a payment. if they are getting a monthly income from the reverse mortgage they also have to recieve it until they die or move out. Reverse mortgages are designed so they can't hurt the senior

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We're buying a house that appraised for exactly twice the amount that it will sell for. however, no bank or mortgage company to this point will give us a dime over the sell price. my wife and i are trying to get through school and don't want to spend 5% on a downpayment. how can we get a few thousand over the sell price to cover closing costs and down payments in order to avoid out of pocket costs? thanks.

Have the seller increase the price and then take back a second with a forgive clause

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The old company mixed up the 2 mortgages we have with them and sent a cheque for the larger amount to us. our mortgage advisor has told us to bank this and wait and see. how long do we wait before the money becomes ours and we can spend it?

Legally you will never be able to spend it, it will not become yours. It is still theirs, regardless of the error, the same way your funds are yours regardless of an error.