All Forum Posts by: Michelle Melchione

@Mike F. Alright the original plan was to use about 30000 to pay off all cars and cc's. Putting us at about $1100 more a month without those payments. Theres 35000 left from refi and the additional 10000 by end of September. So $45000. And about $3000 per month after. What would you be doing with the 45000, and the 3000. Making extra payments on your primary residense? 

Another thing is after our vacation in a couple weeks, we'll not have a mortgage payment for 2 months because of the refi, so from end of July to end of September there's about another $10000 extra.

Should I cancel the refi and just leave the equity there? It just feels like we hit the lottery buying when we did and appreciating so much so quickly with none of our own money down. Or I am on the right track? Like @Mike F. said the market could change, the dollar could collapse, and then it could be much more difficult to get credit/financing.

I'm not trying to jump in right this second, or get rich quick. Im just trying to understanding how to best start, whether its in a couple months or a year. How to best use that money for our benefit 10+ years from now.

Heres the details : We bought our house with no money down 2 years ago using a VA loan. As of today there's about $100,000 equity. We are in the process of doing a VA cash out refinance (no closing costs except appraisal, no funding fee because he gets VA disability). It's a .65% lower rate, so to get $65000 cash out, and still have $35000 equity, our payment barely changes. On top of that each month, we have about $2000 extra after bills. If we use some of the money to pay off one or both cars, or one and refi the other, we can have closer to $3000. Also he's got a job interview thats looking promosing, that also makes quite a bit more, but I'm not counting on that. I can wait til next year to invest and just keep saving, to give us more leverage, or jump in soon and then worry about rebuilding the cushion.

My husband makes a little over six figures. I stay at home.

 Okay, now wouldnt putting 20% down on 4 different ones be the way to go, $625 x 4 =$2500. Or just 2 for that matter $1250

 That goes both ways, I had my license revoked for 3 years with no knowledge of it being revoked. Long story, so I got a speeding ticket and it had gotten deferred so I had a program where as long as I paid my fines and did my community service and took a driving class it would be deferred and not on my record. So I did all that my deferment counselor told me okay you're good to go I gave him all my paperwork and I thought that was that. Also about a week later a senior citizen hit me trying to turn right on a red light when I had the Green Arrow and my insurance card had soda all over it so the cops gave me some ticket I guess to go show my current insurance ,which the previous week when I got the speeding ticket the cop just looked up my insurance and saw it was active and that was fine. So I didn't really worry about it at the time I had a baby I just was doing on my speeding ticket things and just didn't even think about it really I didn't think it was a big deal. Maybe six months later I'm at my best friend's birthday party with all the cops show up and I decided to stay because I'm 21 and I'm not doing anything illegal so they take our ids everyone who decided to stay and come back like 10 minutes later and tell me that I'm under arrest and I have no idea what for. So in the car they tell me that I have two warrants they can't see what it's for I'm pretty sure they didn't even read me my Miranda Rights. But anyway I just was in the holding cell for a couple hours so it wasn't that bad but come to find out I had two warrants because I didn't go show my current insurance and because I apparently had another court date that my deferment counselor didn't tell me I needed to go to for the speeding ticket that I thought everything had been completed for. So I get everything dismissed prove that I did everything for the speeding ticket prove that my insurance was current at the time and everything is all good until I go to get a new driver's license because mine was all that and then the DMV tells me that my license is suspended and I have no idea what for, this is 3 years later. No one ever told me that from all of that my license was suspended and I needed to get it reinstated and I never got pulled over so there was no way of me knowing that I didn't have my license. The system is jacked, but I am a good person, and would hate for someone to not rent to me for something that I dont feel was really my fault. 

It could be because I'm on my cellular phone, I'll try from my desktop later. What are lease options and how do they work?

What are these lease options you speak of?