Pay Dirt is Slate’s money advice column. I have a question? Send here to Athena and Elizabeth. (You are anonymous!)
paydirt
I bought my first property when I was 28 and I’m very proud of it. When I told my boyfriend about it, he reacted quite negatively. He started talking about how it would affect him in the future if we ended up living together (for context, we’ve been dating for less than a year, so we haven’t talked about living together yet). He wondered where his belongings would go and whether there would be enough space for his instruments. He probably will move in the future, and he talked about how he deserves a “vote” in the process. After that, his rambling stream of consciousness changed a bit.
He started saying that he didn’t want to pay my mortgage and that he didn’t want to give me stock for nothing when I got nothing. And this whole thing felt unfair to him. He then requested to join the title. He couldn’t let go of this conversation feeling like he wasn’t supporting me. But I couldn’t even verbalize why I was so upset about this conversation, and every time I brought it up he said I was ignoring his feelings.
—Can you understand me?
dear please understand,
I don’t mean to be harsh, but I’m not going to help you get his point across. Your boyfriend is acting like a deserved harassment. Buying a home for any age is a huge achievement and one to be proud of. Your partner should celebrate your successes instead of trampling them.
Buying his own house doesn’t affect his future in the slightest at this point. He’s not moving anytime soon, so it’s not your concern where his luggage goes.he is not eligible to vote because you buy this house for yourself. It’s not like he’s doing himself any good for himself by acting like this, but assuming we live together one day, we’ll know where it all goes when that day comes, and how we’ll split the costs. It makes perfect sense for a person to want a stake in the house he’s helping pay the mortgage, but then again, his what-if scenario isn’t your current reality.
The fact that you feel you can’t communicate with him on the subject without him portraying himself as a victim causes anxiety. Communication is one of the important foundations of human relationships. Without it, I think a difficult future awaits for both of you. Make a list of the reasons why you are upset about his behavior. This will help you articulate exactly why you’re upset when you’re talking to him. “Hey, I know you’re upset about the house, but I can’t appreciate your actions. I didn’t understand your request when we weren’t discussing living together. X, X, and X made it difficult for me to enjoy my home buying process. I think it’s better if we don’t discuss this subject anymore.” Please consider
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paydirt
Is it bad to prepay the mortgage? My spouse and I (both 51) still owe about $30,000 on the house, and a windfall from his family later this year might just be enough to pay off the balance. I’m also tentatively thinking of moving next year (I’m going to take out a new loan to do that, and if possible, I’ll probably keep the house as an investment). I have already saved her 20% down payment to live in a new place. He wants to pay off one less loan, but I read somewhere that paying off the mortgage early can actually lower your credit score. What does it look like to a lender: low balances, consistent and timely repayments, or low overall debt?
—One less thing to worry about
Dear One less thing to worry about.
If you haven’t secured another mortgage before paying off your current mortgage, your score may drop slightly because your credit mix is less. 10% of the overall FICO score. It consists of a combination of several different accounts, such as credit cards, student loans, mortgages, and car loans.But even if it hits, it’s probably a good deal one small and insignificant thing. Plus, your mortgage will be recorded on your credit report. Repaid accounts in good standing Over the next 10 years.
However, before deciding to repay the mortgage, examine the loan agreement to determine if the mortgage lender has a so-called ” advance payment penaltyThis is an additional fee that lenders can add to their loan repayments as it will yield less than if they had stuck to the original payment terms.
Another item to consider is loss of claim eligibility. mortgage interest deduction Reduce your taxes and reduce your overall taxable income. The interest you no longer pay may eliminate the need for the deduction in the first place, but there are still considerations. Let’s aim for a house without a mortgage!
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paydirt
A few years ago I started a business that was unexpectedly successful. The second year I made 6 digits. We’ve already hit six figures this year and expect to double or triple that number. This was after several years of not earning much. I was lied about my future career while in graduate school, took out several loans, and spent several years “sacrificing” my income to pursue my career dreams. I finally realized that I had been deceived and moved forward. The problem now is what to do with student loans.
When I wasn’t making much money, I was used to living on very little money. Now I like to be thrifty about most things. So I am saving most of the money I make in this business and am trying to figure out what to do. Home prices in my area continue to fall, so I expect to have enough money to buy the starter house outright by September. That said, the prices are still high and I fear buying now is just as bad an idea as those buying during the housing boom. I’d also like to save enough money to buy a nicer, bigger house, but on September 1st, interest will start accruing on my student loans, and I’ll have to start paying them off again in October.
Even if you pay off all your student loans, you won’t have enough money to buy a house right away, and interest rates are still very high. If I can’t pay off my student loans, I feel like I’m going to lose a lot of money on interest. Again, it’s possible, though unlikely, that there will be loan forgiveness within the next few years. However, if my business continues as is and the exemption has an income limit, I may not be eligible anyway. I feel a little paralyzed and worried about figuring out the best options. I want to start enjoying the money I earned! help!
— Money Mayhem
Dear Money Mayhem
What we can’t do is predict the future for both student loans and housing. However, you can collect as much information as possible to help you make decisions.
Biden Harris Administration is currently exploring alternative avenues for student loan forgiveness. Still, there’s no way to predict what will happen. The initial conditions were Department of Education Plans to Offer Up to $20,000 Loan Forgiveness If you received both a Pell grant and an additional loan taken through this agency. But to qualify, her personal income had to be no more than her $125,000, and if married she had to be no more than $250,000. Judging by your income, I doubt you would have qualified for this portion of the Student Loan Debt Relief Plan anyway, nor might you qualify for future programs.
are available.with a lamp” Duration. If you can’t make your monthly student loan payments, there will be a grace period from Oct. 1, 2023 to Sept. 30, 2024 to help you find the money to pay it off. Loans will incur interest, but your credit won’t hurt if you fall into arrears. President Biden recommends anyone who can afford it start paying on Oct. 1, 2023. If I were you, I’d start making monthly payments that day. I guess.
Consider the pros and cons of any potential investment when it comes to buying a home. Interest rates are still very high, but the potential is there. refinance home loan After a few months for each lender the interest rate will drop. The timing of the housing market is unpredictable, but some cities are entering a cooling period with experience. Increase in foreclosures. These factors can turn a seller’s market into a buyer’s market. Whether you want to wait and see what the market does or feel like buying a home now, it’s ultimately up to you.
—Athena
classic prude
Recently, I went on four dates with an attractive, beautiful, kind and caring woman that I met online. She told me she had a “customer service” job in a call center, but as she explained her job, I realized she was spamming all day, every day. Even those who tried to opt out of that phone list. She seems to think of it as “just a job”, but I think she’s actively causing dissatisfaction, annoyance, and discomfort in the world.
