Ask Terry Archives

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,…

Hi Terry I paid cash for my house and I have a financial planner,he told me to take out a mortgage because interest rates are so low that the loan would make me money.Is this a good idea,kinda like not having a house payment but no deductions at tax time either. Thanks Terry Says:  Well,…

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…

I have MS and unable to get Long Term Care Insurance due to my illness. Every advertisement I have seen for this type of insurance ask three questions; one being" do you currently have a neurological disorder/disease" or something like that. In other words we won't offer you this insurance. Terry Says:  Yes, you're right…

Terry, I do not have a question, just a comment on your article on planning for the future of a special needs child. Thank you for bringing up this subject of which many parents are very unaware of the consequences of leaving their estate to a child with special needs. My husband and I set…

We want to give 10 thousand dollars to our daughter to purchase a home. Is a gift tax free and how do we get information on how to do this. Terry Says:  Yes, you can give any amount, at any time, to any person -- without tax consequences. ( If you are very wealthy and have…

Why aren't the citizens of illinois clamoring for jail terms for the filthy, deceitful legislators who basically looted the state's pension funds and indebted every illinois citizen to $20,000.00 in debt? Terry Says:  I don't know.  They're easy to find.  A lot of them are still down in Springfield continuing their deceitful ways in the…

Are you serious about buying gold coins/bullion and putting it in a bank vault? What if it's a long holiday weekend and you need your gold NOW but can't get it out? What if your bank fails and is seized by Federal regulators? Do you really think you're getting into that vault? Remember, if you…