If you’re in the market to buy a house, odds are your family and friends have given you plenty of advice on how to land your dream home. The problem is, some free advice is only worth what you pay for it. There’s plenty of bad mortgage advice out there and our host, financial planner and teacher Rob West will debunk some of it. Later he’ll take your financial calls and questions at 800-525-7000.
Rob drills down these bad-advice topics:
- Don't bother getting a pre-approval letter from a prospective lender— because it’s not “official.”
- You can get a pre-approval letter from a lender but still shop around for better interest rates?
- Get a new credit card to boost your credit score. No sudden changes in your credit status or bank accounts.
- Don’t take the pre-approval upper limit seriously.
- Give up your financing contingency.
- Go for the lowest interest rate you can find.
Next, Rob and Steve answer these questions at 800-525-7000 or via email at Questions@MoneyWiseLive.org:
- If your husband has a bad credit report and you have a good one, should you just conduct most transactions on your credit instead of his?
- If you don't have a lot of money in your retirement account and have about 6-7 years before retirement, should you consider selling your house?
- If you moved your former employer's 401(k) into a fixed annuity that's paying only 2.5%, what should you move it to?
- If your church is taking on extra expenses seemingly without planning or resources, how can you express your concerns?
- What is "forbearance" as it applies to student loan debt?
- Is it safer to keep money market funds in an FDIC insured bank than with highly respected investment companies?
- If your children who are 17 and 20 years of age have been given $100,000 each, what should you do with this money until they need it?
- If you last child is heading off to college soon and you're thinking of downsizing, should you sell the home you're in that only has 7 years left on the mortgage?
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