Ask Terry Archives

I have 3 credit cards that are at $2,000 on each.i am not working and im not sure how to take care of this the rate is at 23% .it will take me 20 yrs to pay these off .what should I do Terry Says: Call Consumer Credit Counseling Services at 800-388-2227.  They will help…

Hi Terry my son will be attending college this fall. in order for him to start I still owe the high school. im not working i got hurt at work im on workers comp need to get a loan to pay the high school .my credit i s 680 will ib able to get a…

I think in this environment you should have added the all VA loans have an assumption feature. That could add real value in the future. Check www.zumption.com Terry Says:  You make a VERY good point!  We don't think much about mortgage assumption these days.  As rates have continued to decline over the years, it's mostly…

My husband is a Korean Vet Originally bought house on VA loan in 1968. Retired firefighter Free and clear now. He is 82 I am 80. He has alzheimers progressing rapidly. House in excellent condition, good neighborhood. He will have go go into a facility and therein lies the problem. Is there anything out there…

I have been retired now for 3 yrs. I am 61 yrs.old and I have no bills. I still have my 401 at my last employer. I don"t need the money right now. My investment advisor is always asking me to transfer it too a IRA or Roth, I have about 15 different stocks in…

I am 60 years old, unemployed and have an individual long term disability policy with CIGNA (not long term care) I purchased after I was let go from my previous job. It pays me 60% of my previous monthy salary (the benefit waiting period is 180 days) up to the age of 70 whether I…

Read article on VA loans in local paper. If i read this correctly you wont have to pay pmi with a va loan? My son is buying home with va loan. Loan payment he was quoted has pmi listed. Can i get clarrification on that. Thank you Terry Says: A VA loan does NOT require…

Can I transfer the funds from one 529 to another? Specifically, I have some funds (unhappily) in the Montana Family Education Savings Investment Program. They put the funds into long term CD's with the lowest interest rates in the universe. I want to transfer those funds to Illinois Bright Start or Utah Educational Savings 529,…

My husband & i are trying to buy a home.Both our credits are not good, b/c we dont have any.What is the next step beside trying to build our credit should we do in order to get a nice home? Terry Says:  There are three requirements for buying your first home:  good credit, good income,…

I'm 72 years old . I am paying 6.25 percent on a 7 year car loan. I had a bad credit rating caused by my husband who is now my ex. My credit is fine now. my home is paid for. I have 300,000. In the bank. Can I get this car refinanced? I have…

Terry, with due respect, please inform the person who writes the captions for the news articles to please use correct grammar! In your Sunday article concerning gold, the title should read, "Here are 5 ways to buy gold..." instead of "Here's 5 ways..." This is constantly misused in the B'ham News as well as in…

Hi Terry, Are there any resources that we can tap into to help my daughter pay for an MRI Scanning program that costs about 21,000. We applied for FASBA and was denied based on my salary. Although, my daughter does not technically live with me (she lives with my retired mother) and she works to…

Financial Planner Jordan Goodman was recently on WGN's Steve Cochran's radio show touting the benefits of commercial mortgage bridge loans. What are your general thoughts regarding this type of investment, and more specifically, the associated risks? Thanks for your input. Terry Says:  I've answered this question before, and I will say the same thing again. …

I'm a fan of your no nonsense approach to savings and investments. I'm a very small investor, but after taking your great advise about paying off student debt, and paying down credit I have managed to save up 100K through my employer 's sponsored retirement funds. I am retiring with a very healthy private Firefighters…

I read your comments on VA loans today. I am a vet, with an honorable discharge, and live with my wife and son. She is not a vet. How does that affect obtaining a VA loan? What is the downside of a VA loan? Thanks. Terry Says:  No downside, and only one of you has…

My mother and I purchased a house together. Purchase price $217,000. We have been here 12 years. Mom has never worked. Down payment came from inheritance from her mother. Balance is about $77,000. Mom had two strokes and now owes close to $10,000 in hospital bill. I am now unemployed and no real savings. I…

We bought our house at the top of the market, put 50000 into it by finishing the basement and adding a deck addition. Now 10 years later the market value is finally at least at the point of the original purchase. If we sell....we walk away with no mortgage but also nothing for a down…

I have a rental property that is underwater(worth 122,00 and owe 133,00) I would like to refinance to a lower interest rate. Company asys they will refinance from my 7.25 to a 4.75 but I will then owe 143,000. Should I just stay with my present rate. Dont want to owe more. Terry Says:  Wow,…

My husband and I are retired and have a rental condo unit that we would like to unload. It has become increasing difficult to keep it rented and the mortgage is upside down. We are not trying to ruin our years of good credit and it was suggested that a Short Sale might be the…

I am 53 years old and am closing my IRA so I can move to the Philippines. Can I take my full amount approximently $100,000 what taxes will i have to pay Terry Says:  Do you know that you don't have to close the account.  Instead, you could continue to let it grow tax-deferred.  You…