Andrea McLean Quotes

Especially if you're over 40, shortening the term of your loan to pay it off sooner could make you mortgage-free in retirement.

People go into debt when they judge it beneficial to borrow money against their future earnings. Few can afford to buy a house outright, but many consider it worthwhile to take out a loan, which they will service and pay off over time, for the immediate privilege of living and investing in a house.

I got a mortgage at 17! I didn't even know you could get a mortgage at 17.

When you borrow money, you should always think how you're going to pay it back.

Generally, there are three rules when it comes to borrowing money: You need to have good credit, proof of income and cash for a down payment. Most people have the first two, but it's the third that trips them up. And nowhere does that come into play more than the mortgage market.

Borrowing isn't inherently bad; it depends a lot on what the debt is financing.

Remember that credit is money.

If you're going to live in the house make it your goal to just pay off your mortgage.

If you have a lot of short-term debt, it means that all of that money can be demanded in a very short period of time. Technically, short-term debt means money that's coming due within a year. Typically, it means money that's coming due within 30 to 90 days.

Our Sheffield and London homes are worth well over a million but the bank owns most of them - we are mortgaged up to the gills.

I have always advocated doing everything possible to pay off credit card balances; it's good financial management and the ticket to a strong FICO credit score.

Even if you feel like your debt is just never going to go away, think long and hard before declaring bankruptcy. Declaring bankruptcy means that getting a loan for anything will be next to impossible for the next 10 years.

Refinancing your mortgage usually makes sense if you can lower your interest rate by at least two points. But the most important question to ask yourself is, how long will it take you to break even?

Credit is a system whereby a person who can not pay gets another person who can not pay to guarantee that he can pay.

By the time most people file for bankruptcy, their credit is already trashed, they have a high debt-to-income ratio - a key indicator lenders look at - and they've likely defaulted on more than a few accounts.

I started with capital of about $1,500, a princely sum for a student coming out of college, an amount I borrowed from my father.

I want to build a studio in my backyard. The interest rates are low now, so who knows.

You can refi your car loan just like you can refi your mortgage. It's even easier and less expensive. There's no appraisal process, and fees are minimal for a new car title. A couple of caveats: Most lenders require that the car be less than five years old and have a minimum loan balance of $7,500.

Before borrowing money from a friend it's best to decide which you need most.

Lenders look at potential borrowers from many angles before extending credit: How much of its income will a household need to put into debt repayment? How large is the down payment? Does the borrower have a job with a stable income? What is the borrower's credit score?

Homeowners who refinanced their mortgages took out cash and reduced their monthly payments at the same time. Much of the cash obtained by refinancing was spent on consumer durables, home improvements and the like.

Ignore the annual percentage rate when shopping for a mortgage.

While a reverse mortgage can indeed be a viable way to generate income, it is very important to understand that after you take out a reverse mortgage, you will still be responsible for paying the property tax, the insurance premium, and all the maintenance costs for your home.

Privacy is a vast subject. Also, remember that privacy and convenience is always a trade-off. When you open a bank account and want to borrow some money, and you want to get a very cheap loan, you'll share all details of your assets because you want them to give you a low interest rate.

Homeowners refinance their loans when interest rates go down. Businesses refinance their loans.