RichEventNN asked 5 years ago

I live in PA. I was under the impression a USDA score needed to be 640+. My bank told me 660. When I went for pre approval my mid score was 648. A few points away from the 660. Can anyone tell me if it needs to be 640 or 660?

Also I am looking at new modular homes. Can I use a USDA to purchase land, foundation, and the home?

Suze Orman Says to Pay Off Your Mortgage First

garybsg replied 5 years ago



MortgageMagicSystem replied 5 years ago

It’s not about the value of the house, it’s the value of future earnings.
Even if the current property value is less than the mortgage, by paying off
the loan you protect your future income from erosion caused by monthly
interest payments. Like a stock, you don’t lose money until you sell and
paying it off is like an insurance policy because it gives protection from
future debt.

MortgageMagicSystem replied 5 years ago

The idea is to use the BANK’S money to pay down your mortgage, not your own
savings. That’s what the Mortgage Magic System mortgage accelerator does.
Also, while the house value can fluctuate, the value of the note does not,
and that’s the point to remember, because it is a call on your future
earnings. The idea is to use a mortgage accelerator to reduce the value of
the note, thus preserving your future income. No other investment can grow
your net worth faster than accelerating your mortgage.

ko G replied 5 years ago

she is smart woman and absolutely right!!! You finish your paying and can
this is your place forever. you know if you lose your job you have place to
sleep. she is right

David Young replied 5 years ago

Know How to Cancel Your Mortgage – As Home Owners, We Have Educated
Ourselves On Mortgage Debt Relief And Mortgage Note, And We Would Like To
Give You the Education To Understand And Fight Against Illegal Foreclosure
Using Home Mortgage, Promissory Note, and Illegal Bank Securitization In
and Out Of Foreclosure!

HQDeezy replied 5 years ago

@FortNikitaBullion Might as well stop making payments then.

MortgageMagicSystem replied 5 years ago

You are exactly right. Using your discretionary dollars is exactly the way
to go. You can use the bank’s money to pay off your mortgage by using the
Mortgage Magic System. This preserves your savings.

finchmicro replied 5 years ago

Wait till you get sued and someone gets a judgement against you and take
your house! Then probably you will know owning your home free and Clear!

Ricardo Rolo replied 5 years ago

Hey Mike, a mortgage is still a debt, a debt that will need to be paid by
its holder. For most people this is their largest monthly payment expense.
As a result, you become more inclined to continue to work if you pay it off
slowly. Banks don’t want you to payoff your mortgage, because they only
make interest if there is a loan outstanding. I say if it’s your principle
residence (not an investment property), then you should pay it off and save
yourself some interest.

flanksteak2 replied 5 years ago

@jdietz730 Unless you stop paying taxes.

JEFF COGA replied 5 years ago

That’s one way to look at it. But if you can out perform your mortgage rate
in returns then you’ll be “beating the game”. Example, if your mortage is
6% & you can get 12% return on your money – instead of paying down the
mortgage. The delta of 6% is in your pocket. If you put your money in a
self directed IRA and invest in things like real estate, we pay our
investors 8% to 12% all day. Thats the little secret no one talks about. On
top of that you can set it up tax free or tax deferred…

John Dietz replied 5 years ago

100% of all bank foreclosures have mortgages, they cant take something you
own.mine will be paid off in 5 years i just bought it 7 months ago

aviomaster replied 5 years ago

Suze Orman is CLUELESS about USA economy.

pranksterguy1 replied 5 years ago

Pay it off!

carryclass replied 5 years ago

@SergEK9 the house going up or down in value has nothing to do with paying
off the mortgege, ya have to pay it sooner or latter weather it goes up or
down in value.

Paulette Stubbs replied 5 years ago

I totally agree with you Mike. Have liquid cash is good especially in
uncertain times. Also, it would probably take a few good years to take a
chunk out of your mortgage balance and many persons may get discouraged by
then. My preference is to Snowball option: Pay off high interest debt first
e.g. credit cards, credit lines, etc. Use those freed up cash to making
extra payments on the mortgage. Worst case scenario you can rent your home
to pay mortgage and live with a friend/family temporarily

Athrough Z replied 5 years ago

Why pay off your mortgage first? If you have smaller debts, why not pay
them off first, then use the money you were paying on the smaller debts,
and use them for the mortgage. It’s possible to use the money for the
mortgage to pay on the smaller debts, however if you’re paying interest on
a car loan, wouldn’t it make sense to pay the car off early BEFORE the
mortgage so you can take that money you were paying on the car and put it
towards the house?

Martin & Kim S. replied 5 years ago

Exactly Ricardo….I don’t think many people know how to calculate the
interest they pay to a bank after 30 years. My 10 year old understands this
and can discuss paying off all debt and the reasons for it. Maybe he should
sit down with the President

MortgageMagicSystem replied 5 years ago

The idea is to use the bank’s money to pay off the mortgage, not your own
money. Remember, the note underlying the mortgage is a call on your future
earnings. You may think your income is yours, but the note represents a
major claim on your future income. You are right about paying off credit
cards, but a mortgage is a retirement killer. Using a mortgage accelerator
like the Mortgage Magic System is the fastest way to grow net worth.

FortNikitaBullion replied 5 years ago

@MortgageMagicSystem Yes but most of the time it’s just the reverse:
mortgage interest doesn’t keep up with inflation; It will be far less
painful to come up with mortgage payments in the future than it is today.
Even food and gas prices are getting dirt cheap compared to real inflation
rates. In 1964, a silver dollar would have gotten you 3 gallons of gas;
today that same silver dollar with $30 worth of silver will get you 7 or so

FortNikitaBullion replied 5 years ago

Bad advice if you owe more than the house is worth. Why put your money into
a hole?

FortNikitaBullion replied 5 years ago

@MortgageMagicSystem A better idea would be to get a fixed-rate loan, even
if you have to take an extra few percent in interest rates, and then make
minimum mortgage payments and use any extra money toward buying
gold/silver, especially mid-grade common-date Double Eagles. You will be
well ahead of someone who simply pre-pays their mortgage.

SergEK9 replied 5 years ago

This is hilarious – so someone who bought a home CASH for 700,000 back in
05 and their house is worth 385-400K now….would that 300K+ hit be worth
it? lol With rates at 3.9% why would you pay it off when you can get 5-6%
with practically zero risk? Tying up your cash in your house that on avg
grows in value at about 2-3% over the long haul is silly. You can always
use your cash in accounts as you see fit when needed – trying getting an
equity loan sometime lol good luck

Michael Wynne replied 5 years ago

It’s easier to pay the taxes than a mortgage. The value of the house
doesn’t matter, its about having a place to live that cost you very little.
I wouldn’t take my savings and pay it off but I would make extra payments
when I could.

Register New Account
Reset Password