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Getting Personal

Getting Personal

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Aloha Chris,
Your radio show is highly regarded by my family in Vermont. Here is our situation in Hawaii:
We are a young couple with 2 children and we need some advice as to where to apply for a low interest home loan. We have owned our home for 4 years and have watched the value of it drop by almost $100,000. We bought it for $385,000, added a living room and a small office and studio apartment in the old carport. The value of the home was just appraised at $310,000 even with all the additions. Our attempt at refinancing just fell through last week because they claimed we had not enough income, too much debt and our home value was lower than the amount we need to borrow. HELP! Please suggest a lender who will see our good credit rating, and our long work history (10+ years in the same industry) and give us a percentage lower than 8%. Mahalo (Thank you).
Sincerely, "Hopeful in Hawai'i"

Dear Chris,

I have a couple of questions concerning mortgages and retirement savings. My wife and I are fairly well off with respects to this economy. I am 60, my wife is 62 (Collecting $530/month SS) and have a job that pays $100K/yr, 2 retirements that equal $3K/month, and about $250K in my IRA. We owe $35K on our home, but don't want to retire here in NM.

This is my question. I am thinking about taking some out of the IRA to pay off the house (interest deduction is minimal right now). Then we would like to go to the Ft Worth Texas area and find a small ranchette (10-15 Acres, w/house & barn) for about $200-250K to prep for our retirement. We should be able to handle the payments on the second house as well as regain the tax exemption from the mortgage. We are also thinking this is a good time because of the market prices and mortgage interest being down. How sound is this strategy?

Thanks,

Bob & Ruth Jakcsy

(PS. If you use this letter on the air please don't use my name. Use J. Doe in NM)

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