Ask Terry Archives

I was in the Army Reserve for 6 years with an honorable discharge. Am I eligible? Terry Says:  Yes, as long as you had a full 6 years in the Reserves, and your "point total" confirms that.   That's according to my VA Loan Expert Daniel Chookaszian.  And for always being so helpful to me --…

I have some money that I would like to invest (about 50K), and I'm looking for a somewhat "quick" return of say two years. I have been reading a lot about silver being way under priced now, and I would like your take on this. If I bought 50K worth of silver dollars at about…

My daughter is leaving her company after 9 years. What should she do with her 401K account? Withdraw it (probably not), transfer it to her new company, or open an IRA, or leave it? What is the best choice? Terry Says:  Tell her to call Fidelity 800-FIDELITY or Vanguard 800-VANGUARD or T. Rowe Price 800-638-5660…

Is there a comparable program in Texas to ihda.org? Terry Says:  OK,, folks -- now that I've mentioned these kinds of programs, you can do a bit of your own homework!  I Googled "Texas first time homebuyers program" and here is what I found!   http://tdhca.state.tx.us/homeownership/fthb/fthb-br.htm?gclid=CIGGuMKp6sUCFVYSHwod6hEAQQ     Check it out!!  Almost every state has some kind of…

Hello Terry, My wife and I would like to refinance our mortgage loan to lower our payment. We are in our 40s and can save $300 per month if we refinance to 30 years. Our intention is to use the savings of $300 and continue to apply it to our Mortgage principle each month. We…

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…