Ask Terry Archives

Which are the best loans to reach for at this point. We figure we will need 10k for the next 4 years, 40k total. thanks Kevin Terry Says:  This is an important process -- and one you have to take step-by-step.  I'm hoping that your child is a junior or starting senior in high school and…

hi TerryI have written to you before. I am saving for an emergency fund and paying off debt. I have two kids in College. They both will need a cosigner for loans. Should my wife and I cosign ?my son plans on becoming a nurse my daughter a sign language teacher.they cannot get the loans…

My son is going to be a Sophomore in college. Freshman year FAFSA provided a small Un-Subsidized loan opportunity. I have three younger children and have saved modestly for them all. I'm tapped out for my oldest after sophomore year and now need to consider a loan. Home equity a good place to go? I…

I have a Roth IRA account that I'm starting to put money in and wanted to know your thoughts on what ETF to get into. Energy, Health Care, Corp Bonds, Real Estate, Financials...? Terry Says:   Frankly, I'd start out buying the "whole" market, using a traditional index fund, the S&P 500 fund offered by your…

Hi Terry, My husband and I have our home in short sale, we are looking for an apartment. My husband will be retiring and receiving $4,000.00 per month, I do not work at this time. Unfortunately our credit has suffered the score is between 490-584. My question is what website can I go to to…

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…