Financing the Mortgage the Old Fashioned way

Financing the Mortgage the Old Fashioned way

0 1679

Financing the Mortgage the Old Fashioned WayRight now, I’ve got $2056 more to go to hit my latest benchmark on the mortgage.

Yeah, the 78/22 percentage mark that I’m still unsure about. Will it qualify me to cancel Mortgage Insurance? I still don’t know for sure.

But assuming it will, I think I’ve come up with a plan to get there without having to finance it using a 0% credit card offer, which as I mentioned yesterday is something I’m not totally comfortable with doing.

The statistic bantered around the media this week was that the average household’s credit card debt is $8565, up almost 15 percent from 2000. For me, 2008 marks the first year since 1998 that I’ve been below that mark. I was carrying over $20k for a good 5 years…

With this new idea, I won’t need to borrow anything…

With my weekly auto-payment of $150 towards the mortgage each Monday, and one more Monday remaining this month, the amount needed will decrease to $1906.

Currently, I’ve got just over $1000 in my ING Savings account. Let’s say I take $1000 from there and throw it at the mortgage too. Now I’ve only got to come up with $906 more.

As luck would have it, July is a three-paycheck month for me and it just so happens that, as a result, I’ll have $906 to spare…

With that, I can hit the mark on the first of August without having to finance anything!

The good news with this strategy is that I won’t be carrying a balance on any of my credit cards. I like the feeling of that.

On the downside, money will be *really* tight for the month of August. I don’t like the feeling of that.

I’ll make my decision this week.


0 811

0 7872