Consumer Homes.

Question:

> well, i built a house, and the credit card companies were quick to > increase my credit line high. when you’re putting down 30k or 40k at a > time for a truss package, concrete slabs, wood deliveries, cabinets, > etc, it adds up quickly. scary too, never saw money go out so fast and > in such large chunks. since the construction loan paid off the credit > card bill at the end of the month, i never carried a balance on one, > so i was a GOOD customer to the bank.

That makes you a BAD customer, because then they don’t make any money off you.  If you were a GOOD customer, you would continually pay the minimum payment and be indebted to them all your life. — Dan Solomon

Response:

– Hide quoted text — Show quoted text -> well, i built a house, and the credit card companies were quick to > increase my credit line high. when you’re putting down 30k or 40k at a > time for a truss package, concrete slabs, wood deliveries, cabinets, > etc, it adds up quickly. scary too, never saw money go out so fast and > in such large chunks. since the construction loan paid off the credit > card bill at the end of the month, i never carried a balance on one, > so i was a GOOD customer to the bank. > That makes you a BAD customer, because then they don’t make any money off > you.  If you were a GOOD customer, you would continually pay the minimum > payment and be indebted to them all your life. > — > Dan Solomon

well, what percentage off the top did they get for me running all that float credit through them?

Response:

> Thats actually a pretty good idea, but how do you get 20,000 in > credit?  Do you use several cards or something?

– Hide quoted text — Show quoted text -> > That’s right. Very good point. > > > > ruminated: > > > >> Right now, I can easily put down 20% of mortgage and cover > > > >> closing costs.  But I would like to replace the floors, windows, > > > >> and finish the basement and buy better furniture, none of this > > > >> have to be done right away, although would certainly be nice. > > > >> For this I would need extra 20k. > > > >> I think of two options > > > >> 1) put down 15 % and get a two loans for 80% and 5% and make > > > >> improvements immediately. > > > >> 2) Put down 20%, Get Home equity loan for 20k to fix up the > > > >> place. Can you get Home Equity shortly after you purchase the > > > >> house? > > > > Or 3) pay for it with a low-interest-rate credit card over a > > > > shorter amount of time. > > > > It depends on your cash flow and discipline. The 15% down option > > > > will give you the cash at a lower interest rate with lower monthly > > > > payments. Regarding getting a home equity loan shortly after you > > > > purchase the house, that’s what the 5% loan is, except it’s gotten > > > > at the time you purchase the house. Usually it’s for a shorter > > > > term than the main mortgage. > > > Also take into consideration you can deduct the interest paid on a home > > > equity (credit line), whereas you cannot on any credit card interest. > > > — > > > Jungle Jim > > > 5-4-3-2-1-0-Thunderbirds are GO! > there isn’t a day that goes by that i don’t get an offer for 0% interest on > credit card transfers, usually for 9-12 months. i bought my last car with > this (a number of years ago before the latest 0% car interest rates hit). > when it came time for the promotional teaser rate to expire, i just > transferred it to another new card. > regards, > charlie > cave creek, az

well, i built a house, and the credit card companies were quick to increase my credit line high. when you’re putting down 30k or 40k at a time for a truss package, concrete slabs, wood deliveries, cabinets, etc, it adds up quickly. scary too, never saw money go out so fast and in such large chunks. since the construction loan paid off the credit card bill at the end of the month, i never carried a balance on one, so i was a GOOD customer to the bank. shop around. i got airline miles for building a good portion of my house too. i couldn’t get miles for transfers, only for new purchases. regards, charlie cave creek, az

Response:

Thats actually a pretty good idea, but how do you get 20,000 in credit?  Do you use several cards or something? – Hide quoted text — Show quoted text -> That’s right. Very good point. > > > ruminated: > > >> Right now, I can easily put down 20% of mortgage and cover > > >> closing costs.  But I would like to replace the floors, windows, > > >> and finish the basement and buy better furniture, none of this > > >> have to be done right away, although would certainly be nice. > > >> For this I would need extra 20k. > > >> I think of two options > > >> 1) put down 15 % and get a two loans for 80% and 5% and make > > >> improvements immediately. > > >> 2) Put down 20%, Get Home equity loan for 20k to fix up the > > >> place. Can you get Home Equity shortly after you purchase the > > >> house? > > > Or 3) pay for it with a low-interest-rate credit card over a > > > shorter amount of time. > > > It depends on your cash flow and discipline. The 15% down option > > > will give you the cash at a lower interest rate with lower monthly > > > payments. Regarding getting a home equity loan shortly after you > > > purchase the house, that’s what the 5% loan is, except it’s gotten > > > at the time you purchase the house. Usually it’s for a shorter > > > term than the main mortgage. > > Also take into consideration you can deduct the interest paid on a home > > equity (credit line), whereas you cannot on any credit card interest. > > — > > Jungle Jim > > 5-4-3-2-1-0-Thunderbirds are GO! > there isn’t a day that goes by that i don’t get an offer for 0% interest on > credit card transfers, usually for 9-12 months. i bought my last car with > this (a number of years ago before the latest 0% car interest rates hit). > when it came time for the promotional teaser rate to expire, i just > transferred it to another new card. > regards, > charlie > cave creek, az

Response:

– Hide quoted text — Show quoted text -> That’s right. Very good point. > > ruminated: > >> Right now, I can easily put down 20% of mortgage and cover > >> closing costs.  But I would like to replace the floors, windows, > >> and finish the basement and buy better furniture, none of this > >> have to be done right away, although would certainly be nice. > >> For this I would need extra 20k. > >> I think of two options > >> 1) put down 15 % and get a two loans for 80% and 5% and make > >> improvements immediately. > >> 2) Put down 20%, Get Home equity loan for 20k to fix up the > >> place. Can you get Home Equity shortly after you purchase the > >> house? > > Or 3) pay for it with a low-interest-rate credit card over a > > shorter amount of time. > > It depends on your cash flow and discipline. The 15% down option > > will give you the cash at a lower interest rate with lower monthly > > payments. Regarding getting a home equity loan shortly after you > > purchase the house, that’s what the 5% loan is, except it’s gotten > > at the time you purchase the house. Usually it’s for a shorter > > term than the main mortgage. > Also take into consideration you can deduct the interest paid on a home > equity (credit line), whereas you cannot on any credit card interest. > — > Jungle Jim > 5-4-3-2-1-0-Thunderbirds are GO!

there isn’t a day that goes by that i don’t get an offer for 0% interest on credit card transfers, usually for 9-12 months. i bought my last car with this (a number of years ago before the latest 0% car interest rates hit). when it came time for the promotional teaser rate to expire, i just transferred it to another new card. regards, charlie cave creek, az

Response:

That’s right. Very good point.

– Hide quoted text — Show quoted text -> ruminated: >> Right now, I can easily put down 20% of mortgage and cover >> closing costs.  But I would like to replace the floors, windows, >> and finish the basement and buy better furniture, none of this >> have to be done right away, although would certainly be nice. >> For this I would need extra 20k. >> I think of two options >> 1) put down 15 % and get a two loans for 80% and 5% and make >> improvements immediately. >> 2) Put down 20%, Get Home equity loan for 20k to fix up the >> place. Can you get Home Equity shortly after you purchase the >> house? > Or 3) pay for it with a low-interest-rate credit card over a > shorter amount of time. > It depends on your cash flow and discipline. The 15% down option > will give you the cash at a lower interest rate with lower monthly > payments. Regarding getting a home equity loan shortly after you > purchase the house, that’s what the 5% loan is, except it’s gotten > at the time you purchase the house. Usually it’s for a shorter > term than the main mortgage. > Also take into consideration you can deduct the interest paid on a home > equity (credit line), whereas you cannot on any credit card interest. > — > Jungle Jim > 5-4-3-2-1-0-Thunderbirds are GO!

Response:

One option is to see how much credit line you can tap if you have a VISA credit card. My VISA company periodically offers me VISA checks to write until a certain date – usually 3 months from receipt of the mailing, with an attractive 5.99% rate for the life of the check loan. That’s about the same rate I’m getting for my 30 yr mortgage. I have a $40k credit line, have a minimal $1k balance, and need $15k beyond the 20% down, so I will do this: * use this check to supplement the $15k cash that I would be using from the equity of our home so that I’m satisfying the 20% down with less that 20% of my equity…..thus avoiding PMI * pocket that extra $15k cash for home improvements I could also simply write the check for a home improvement after closing, but there’s a time limit on the check and I may not have the job completed by then. If you have the open credit line – this is an option.

– Hide quoted text — Show quoted text -> Right now, I can easily put down 20% of mortgage and cover closing > costs.  But I would like to replace the floors, windows, and finish > the basement and buy better furniture, none of this have to be done > right away, although would certainly be nice.  For this I would need > extra 20k. > I think of two options > 1) put down 15 % and get a two loans for 80% and 5% and make > improvements immediately. > 2) Put down 20%, Get Home equity loan for 20k to fix up the place. > Can you get Home Equity shortly after you purchase the house? > Which of these would be least expensive, if to count all the extra > costs of loans, interest, and so on.

Response:

> Right now, I can easily put down 20% of mortgage and cover closing > costs.  But I would like to replace the floors, windows, and finish > the basement and buy better furniture, none of this have to be done > right away, although would certainly be nice.  For this I would need > extra 20k. > I think of two options > 1) put down 15 % and get a two loans for 80% and 5% and make > improvements immediately. > 2) Put down 20%, Get Home equity loan for 20k to fix up the place. > Can you get Home Equity shortly after you purchase the house?

Or 3) pay for it with a low-interest-rate credit card over a shorter amount of time. It depends on your cash flow and discipline. The 15% down option will give you the cash at a lower interest rate with lower monthly payments. Regarding getting a home equity loan shortly after you purchase the house, that’s what the 5% loan is, except it’s gotten at the time you purchase the house. Usually it’s for a shorter term than the main mortgage. — Eric Lee Green    GnuPG public key at http://badtux.org/eric/eric.gpg —–= Posted via Newsfeeds.Com, Uncensored Usenet News =—– http://www.newsfeeds.com – The #1 Newsgroup Service in the World! —–==  Over 80,000 Newsgroups – 16 Different Servers! =—–

Response:

– Hide quoted text — Show quoted text – > ruminated: > Right now, I can easily put down 20% of mortgage and cover > closing costs.  But I would like to replace the floors, windows, > and finish the basement and buy better furniture, none of this > have to be done right away, although would certainly be nice. > For this I would need extra 20k. > I think of two options > 1) put down 15 % and get a two loans for 80% and 5% and make > improvements immediately. > 2) Put down 20%, Get Home equity loan for 20k to fix up the > place. Can you get Home Equity shortly after you purchase the > house? > Or 3) pay for it with a low-interest-rate credit card over a > shorter amount of time. > It depends on your cash flow and discipline. The 15% down option > will give you the cash at a lower interest rate with lower monthly > payments. Regarding getting a home equity loan shortly after you > purchase the house, that’s what the 5% loan is, except it’s gotten > at the time you purchase the house. Usually it’s for a shorter > term than the main mortgage.

Also take into consideration you can deduct the interest paid on a home equity (credit line), whereas you cannot on any credit card interest. — Jungle Jim 5-4-3-2-1-0-Thunderbirds are GO!

Response:

Right now, I can easily put down 20% of mortgage and cover closing costs.  But I would like to replace the floors, windows, and finish the basement and buy better furniture, none of this have to be done right away, although would certainly be nice.  For this I would need extra 20k. I think of two options 1) put down 15 % and get a two loans for 80% and 5% and make improvements immediately. 2) Put down 20%, Get Home equity loan for 20k to fix up the place. Can you get Home Equity shortly after you purchase the house? Which of these would be least expensive, if to count all the extra costs of loans, interest, and so on.

Response: