2006 Mitakai

financial probs mortgage to high

The answer is provided by :
jacg :
As a general rule, I would say don't do this. You are on the so-called mortgage ladder now and if you get off, who knows if/when you will be able to get back on. Also, what would happen to the property if you fell behind in rent? Is your tenancy agreement indefinite? Will you be forced to move out at some stage in the future?

Can you see if you can change your mortgage to a different provider, one where there is a fixed interest rate? This could lower your payments.

Have you thought about trimming off any extra payments you may be making - any unnecessary life insurance, accident insurance, income protection cover, transferring your car insurance to a cheaper company, paying your utilities by direct debit, getting a cable/landline/broadband all-in-one deal? These could save you enough money to put towards the mortgage.

Can you move to a smaller house or out of the area a bit to a cheaper location?

Can you perhaps rent a room out in your house? Or do some overtime? Or get a temporary part-time job? Ask other family members to contribute to the household income (sorry, I don't know your circumstances).

If you have credit card debt, can you swap them to a no interest deal to reduce your monthly repayments?

There are a number of things you could do but I don't think I would say selling your hard earned house and then renting it back is a good idea in the long term.

I have a 2yr prepayment penalty and we did 100% financing when we bought the house. My husband commutes over 50 miles oneway to work and I am looking for work and his paycheck barely pays the mortgage and we don't have enough left over for the other bills. Should we sell the house or rent it out. Our mortgage payment is $4100/month we have a 5br 4ba house with 3300sqft.

The best answer is by :
tearsofthemoon00 :
Sell it.You will not be able to afford the taxes at the end of the year.

financial probs mortgage to high

The answer is provided by :
jacg :
As a general rule, I would say don't do this. You are on the so-called mortgage ladder now and if you get off, who knows if/when you will be able to get back on. Also, what would happen to the property if you fell behind in rent? Is your tenancy agreement indefinite? Will you be forced to move out at some stage in the future?

Can you see if you can change your mortgage to a different provider, one where there is a fixed interest rate? This could lower your payments.

Have you thought about trimming off any extra payments you may be making - any unnecessary life insurance, accident insurance, income protection cover, transferring your car insurance to a cheaper company, paying your utilities by direct debit, getting a cable/landline/broadband all-in-one deal? These could save you enough money to put towards the mortgage.

Can you move to a smaller house or out of the area a bit to a cheaper location?

Can you perhaps rent a room out in your house? Or do some overtime? Or get a temporary part-time job? Ask other family members to contribute to the household income (sorry, I don't know your circumstances).

If you have credit card debt, can you swap them to a no interest deal to reduce your monthly repayments?

There are a number of things you could do but I don't think I would say selling your hard earned house and then renting it back is a good idea in the long term.

I have a 2yr prepayment penalty and we did 100% financing when we bought the house. My husband commutes over 50 miles oneway to work and I am looking for work and his paycheck barely pays the mortgage and we don't have enough left over for the other bills. Should we sell the house or rent it out. Our mortgage payment is $4100/month we have a 5br 4ba house with 3300sqft.

The answer is provided by :
tearsofthemoon00 :
Sell it.You will not be able to afford the taxes at the end of the year.

financial probs mortgage to high

The question was answered by :
jacg :
As a general rule, I would say don't do this. You are on the so-called mortgage ladder now and if you get off, who knows if/when you will be able to get back on. Also, what would happen to the property if you fell behind in rent? Is your tenancy agreement indefinite? Will you be forced to move out at some stage in the future?

Can you see if you can change your mortgage to a different provider, one where there is a fixed interest rate? This could lower your payments.

Have you thought about trimming off any extra payments you may be making - any unnecessary life insurance, accident insurance, income protection cover, transferring your car insurance to a cheaper company, paying your utilities by direct debit, getting a cable/landline/broadband all-in-one deal? These could save you enough money to put towards the mortgage.

Can you move to a smaller house or out of the area a bit to a cheaper location?

Can you perhaps rent a room out in your house? Or do some overtime? Or get a temporary part-time job? Ask other family members to contribute to the household income (sorry, I don't know your circumstances).

If you have credit card debt, can you swap them to a no interest deal to reduce your monthly repayments?

There are a number of things you could do but I don't think I would say selling your hard earned house and then renting it back is a good idea in the long term.

I have a 2yr prepayment penalty and we did 100% financing when we bought the house. My husband commutes over 50 miles oneway to work and I am looking for work and his paycheck barely pays the mortgage and we don't have enough left over for the other bills. Should we sell the house or rent it out. Our mortgage payment is $4100/month we have a 5br 4ba house with 3300sqft.

This is was answered by :
tearsofthemoon00 :
Sell it.You will not be able to afford the taxes at the end of the year.

financial probs mortgage to high

The best answer is by :
jacg :
As a general rule, I would say don't do this. You are on the so-called mortgage ladder now and if you get off, who knows if/when you will be able to get back on. Also, what would happen to the property if you fell behind in rent? Is your tenancy agreement indefinite? Will you be forced to move out at some stage in the future?

Can you see if you can change your mortgage to a different provider, one where there is a fixed interest rate? This could lower your payments.

Have you thought about trimming off any extra payments you may be making - any unnecessary life insurance, accident insurance, income protection cover, transferring your car insurance to a cheaper company, paying your utilities by direct debit, getting a cable/landline/broadband all-in-one deal? These could save you enough money to put towards the mortgage.

Can you move to a smaller house or out of the area a bit to a cheaper location?

Can you perhaps rent a room out in your house? Or do some overtime? Or get a temporary part-time job? Ask other family members to contribute to the household income (sorry, I don't know your circumstances).

If you have credit card debt, can you swap them to a no interest deal to reduce your monthly repayments?

There are a number of things you could do but I don't think I would say selling your hard earned house and then renting it back is a good idea in the long term.

I have a 2yr prepayment penalty and we did 100% financing when we bought the house. My husband commutes over 50 miles oneway to work and I am looking for work and his paycheck barely pays the mortgage and we don't have enough left over for the other bills. Should we sell the house or rent it out. Our mortgage payment is $4100/month we have a 5br 4ba house with 3300sqft.

The answer is provided by :
tearsofthemoon00 :
Sell it.You will not be able to afford the taxes at the end of the year.

financial probs mortgage to high

The question was answered by :
jacg :
As a general rule, I would say don't do this. You are on the so-called mortgage ladder now and if you get off, who knows if/when you will be able to get back on. Also, what would happen to the property if you fell behind in rent? Is your tenancy agreement indefinite? Will you be forced to move out at some stage in the future?

Can you see if you can change your mortgage to a different provider, one where there is a fixed interest rate? This could lower your payments.

Have you thought about trimming off any extra payments you may be making - any unnecessary life insurance, accident insurance, income protection cover, transferring your car insurance to a cheaper company, paying your utilities by direct debit, getting a cable/landline/broadband all-in-one deal? These could save you enough money to put towards the mortgage.

Can you move to a smaller house or out of the area a bit to a cheaper location?

Can you perhaps rent a room out in your house? Or do some overtime? Or get a temporary part-time job? Ask other family members to contribute to the household income (sorry, I don't know your circumstances).

If you have credit card debt, can you swap them to a no interest deal to reduce your monthly repayments?

There are a number of things you could do but I don't think I would say selling your hard earned house and then renting it back is a good idea in the long term.

I have a 2yr prepayment penalty and we did 100% financing when we bought the house. My husband commutes over 50 miles oneway to work and I am looking for work and his paycheck barely pays the mortgage and we don't have enough left over for the other bills. Should we sell the house or rent it out. Our mortgage payment is $4100/month we have a 5br 4ba house with 3300sqft.

The question was answered by :
tearsofthemoon00 :
Sell it.You will not be able to afford the taxes at the end of the year.