Continue for “Mortgage money and college money?�
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needknow asked:
Do I have to spend the money in year 2007? Because the government will use year 2008 tax return to determine a family’s financial capability. Most of my money is in high interest rate CD and will mature in year 2008. I want to collect the interests in year 2008; then put them into my mortgage as principal. I have not thought to refinance my mortgage yet. I do not know should I continue to benefit the current low rate mortgage, which I can save more and wait to see what will happen in year 2010 (the time, either mortgage rate goes very high, I have to refinance or the mortgage rate is OK, I stay in my current mortgage agreement. It is a gambling), or refinance now. Is getting a loan for my daughter’s college education a good idea? I hate to borrow money in general. I might change job after my daughter goes to college. That means I might have to change location and sell the house. But truly I do not what will happen in the future several years.
Do I have to spend the money in year 2007? Because the government will use year 2008 tax return to determine a family’s financial capability. Most of my money is in high interest rate CD and will mature in year 2008. I want to collect the interests in year 2008; then put them into my mortgage as principal. I have not thought to refinance my mortgage yet. I do not know should I continue to benefit the current low rate mortgage, which I can save more and wait to see what will happen in year 2010 (the time, either mortgage rate goes very high, I have to refinance or the mortgage rate is OK, I stay in my current mortgage agreement. It is a gambling), or refinance now. Is getting a loan for my daughter’s college education a good idea? I hate to borrow money in general. I might change job after my daughter goes to college. That means I might have to change location and sell the house. But truly I do not what will happen in the future several years.
reminder: “I have a 5/1 ARM mortgage..
Question posted courtesy of: Bonnie
February 17th, 2008 at 1:56 am
The next 10 years if you are not paying the next 10 years if she quits college.
The loans for financial aid if she quits college you do loans they should be in her name this way if you are not paying the loans they should be in her name this way if she quits college you are not paying the loans for the next 10 years if she quits college.
February 19th, 2008 at 6:10 pm
get help friend