Manage Your Debt by Creating a Budget

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Getting deep into debt isn’t nearly as difficult as getting out of debt.  You can use a budget to effectively reduce your debt.  In fact, at some point in our lives,  we all need to create a sound budget.

The most important thing you can do is to make sure you don’t add anymore to the debt you have.  The biggest problem today is the use of credit cards which has become an addiction when it comes to purchasing unnecessary items. Since it’s just a loan with a high interest rate, we tend to forget to think about the physical nature of it. With your new budget, if you don’t have any cash in your pocket then you simply don’t buy anything.

You need to sit down and make a list of your expenses for the month. That includes your rent or house payment, car payment(s), gas, groceries, credit card payments, cable, utilities, gas, internet, entertainment, and any other expenses you may have.  Be honest with yourself, otherwise this project simply won’t work.

Once you’ve listed everything, total up your monthly expenditures then subtract your net monthly income.  How are you doing?  Are you breaking even, ahead of the game, or in the dreaded red?  Chances are if you are reading this article looking for help you are in the red.

Don’t get too depressed.  Time will improve your situation.  Now it’s time to determine where you can cut expenses.  Can you eat out less?  Avoid your daily Starbucks?  Look for a better telephone plan or cellular plan?

This isn’t as difficult as you might think.  Let’s look at our love for having coffee.  If you just cut this one expense you can save $100 plus a month.  What about those lunches we eat out?  If you pack a lunch you’ll save about $200 a month.  So far we’ve saved $300 and haven’t done anything too painful.

Another easy way to save money is to bargain shop.  Cut out coupons for products you use and watch sale flyers for good deals on products you use then stock up.

You should also request a reduction in interest rate from your credit card companies.  Yes they do look at requests and if you could get a lower rate you can save money.  Another option is to go to your bank for a personal loan and then get rid of the credit card.  The lower interest will help you pay things off faster.

When payday arrives your check needs to go right into the bank.  Carrying cash around will lead to unnecessary spending on those sale items you really don’t need.

Lastly you can work at increasing your income whether you take on another job part time, ask your boss for a raise, or maybe pick up some freelance work.  Just a couple hundred dollars a month extra can help put a dent on that debt.

Using a budget to reduce your debt will make it much easier for you to clear up that debt and feel less stressed overall.

First Time Home Buyer Tax Credit 2011

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In 2008, there was a first time home buyer tax credit for those who bought homes and filed a credit on their federal income tax return This tax credit needs to be paid back in equal installments over a 15 year period and it’s only for homes purchased in 2008.

If you took advantage of the maximum credit which was $7,500, you need to repay $500 per year. Since there is no interest, it is more like an interest free loan.

Refer to the IRS publications to determine your repayment options.

Consolidate Your Credit Card Debt

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If your credit debt is skyrocketing out of control and you’re not sure where to turn you are not alone.  In fact it is the fastest growing consumer debt there is.  If yours has gotten out of control it’s time to consolidate your credit card debt.

If you’re asking why,  there are many good reasons with interest rates being the number one reason.  It will be rare to find a credit card with a lower rate.  The lower rate means a much lower payment. See how long it would take to payoff that loan using out loan payoff calculator.

Did you know that consumer credit card debt is the number one reason for the filing of bankruptcy which with new regulations has become harder to do.  Besides the stricter rules, bankruptcy is not always the right option for most people, especially if your debt is under $50,000.

When you consolidate, all of your existing credit card debt is paid off and you are left with one loan and one payment with the organization where the consolidation took place.  Now you’ll have only one payment and it will be significantly less because of the interest reduction.

When the accounts are closed you are not going to have access to any of those credit cards.  So it is worth considering paying off one of your smaller cards before consolidation and then it would not be included and you would have a backup credit card for an emergency.

Then what you need to do with this card is put it in a sealed zip lock bag and then place it in a container, fill with water, put the lid on, and freeze.  That way you have it for a real emergency but you can’t be tempted on a regular day to day basis.  After all you just never know what can happen.

Once you make the decision to consolidate this debt you’ll need the help of professionals.  The good news is there are many experienced organizations out there that are ready to help you and that includes banks and companies that deal with nothing but consolidation.  Do your research to make sure your decision is a sound one that benefits you.  Different organizations may offer you different rates.

When you are ready shop around and tell them know you are interested in the best deal that you can find.  After all the lowest rate is going to make a difference in how much your payments are and how much you save.

Consolidate your credit card debt and give yourself the opportunity to save your credit rating and reduce your stress. You’ll sleep better at night.

FHA Mortgage Insurance Programs

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HUD’s Federal Housing Administration (usually referred to as “FHA”) administers a variety of single family mortgage insurance programs designed to make homeownership more readily available. The insurance programs which are currently active are listed below. These programs operate through HUD-approved lending institutions such as banks, savings and loan associations, and mortgage companies. These lenders fund the mortgage which HUD insures.

HUD does not provide direct loans or financial assistance to purchase a house. If you have any questions, or if you are interested in securing an insured loan, you should contact your Local Homeownership Center, HUD-approved lenders in your area, or local HUD-approved counseling agency.

Single Family Mortgage Insurance

The purpose of this program is to provide mortgage insurance for a person to purchase or refinance a principal residence. The mortgage loan is funded by a lending institution, such as a mortgage company, bank, or savings and loan association, and the mortgage is insured by HUD.

  • The borrower is eligible for 97% financing. The borrower is able to finance closing costs and the up front mortgage insurance premium into the mortgage.
  • The borrower is also responsible for paying an annual premium.
  • Eligible properties are one-to-four unit structures.
  • The maximum mortgage amount for a single family unit is $155,250. Lesser limits may be applicable in certrain localities.

Single Family Rehabilitation Mortgage Insurance

This program provides mortgage insurance for a person to purchase or refinance a principal residence or investment property and to accomplish rehabilitation and/or improvement of an existing one-to-four unit dwelling.

  • The borrower may be an owner-occupant or an investor.
  • Mortgage insurance premium is paid monthly. There is no upfront mortgage insurance premium.
  • The borrower can purchase a one-to-four unit property that was completed at least one year before. The number of units on the site must be acceptable according to the provisions of local zoning requirements.
  • Homes that have been demolished or will be razed as part of the rehabilitation work are eligible– provided the existing foundation system is not affected and will still be used. The complete foundation system must remain in place.

Single Family Cooperative Program

This program provides mortgage insurance for a person to purchase a Corporate Certificate (stock certificate or membership certificate) and an Occupancy Certificate in a cooperative. The mortgage loan is funded by a lending institution such as a mortgage company, bank, or savings and loan association, and the mortgage is insured by HUD.

  • The borrower is eligible for approximately 97% financing. The borrower is able to finance closing costs and will pay a monthly mortgage insurance premium.
  • Eligible properties are detached or semi-detached units, rowhouses, or multifamily structures.
  • The maximum mortgage amount for a single family unit is $155,250. Lesser limits may be applicable in certain localities.

Mortgage Insurance for Low and Moderate Income Buyers

This program provides mortgage insurance for a low or moderate income person or one displaced by disaster or urban renewal to purchase or refinance a low cost principal residence. The mortgage loan is funded by a lending institution, such as a mortgage company, bank, or savings and loan association, and the mortgage is insured by HUD.

  • The borrower is eligible for approximately 97% financing. The borrower is able to finance closing costs and will pay a monthly mortgage insurance premium.
  • A displaced borrower can purchase a home with only a $200 cash investment.
  • Eligible properties are one-to-four unit structures.
  • The maximum mortgage amount for a single family unit is $36,000. Lesser limits may be applicable in certain localities.

Single Family Mortgage Insurance for Condominium Units

This program provides mortgage insurance for a person to purchase or refinance a principal residence in a condominium project. The mortgage loan is funded by a lending institution, such as a mortgage company, bank, or savings and loan association, and the mortgage is insured by HUD.

  • The borrower is eligible for approximately 97% financing. The borrower is able to finance closing costs and will pay a monthly mortgage insurance premium.
  • The project must be approved by HUD for it to be eligible for insurance.
  • The maximum mortgage amount for a condominium unit is $155,250. Lesser limits may be applicable in certain localities.

Single Family Mortgage Insurance for Special Credit Risks

Single Family Mortgage Insurance for Special Credit Risks provides mortgage insurance for a low or moderate income person unable to meet standard credit requirements to purchase a low cost principal residence. The mortgage loan is funded by a lending institution, such as a mortgage company, bank, or savings and loan association, and the mortgage is insured by HUD.

  • The use of this program is at the discretion of HUD.
  • The borrower does not need to meet standard FHA credit qualifications.
  • The borrower is eligible for approximately 97% financing. The borrower is able to finance closing costs and will pay a monthly mortgage insurance premium.
  • Eligible properties are one unit structures.
  • The maximum mortgage amount is $21,000. Lesser limits may be applicable in certain localities.

Single Family Adjustable Rate Mortgages

This program provides mortgage insurance for a person to purchase or refinance a principal residence at a lower initial interest rate. The mortgage loan is funded by a lending institution, such as a mortgage company, bank, or savings and loan association, and the mortgage is insured by HUD.

  • The borrower is eligible for approximately 97% financing. The borrower is able to finance closing costs and the upfront mortgage insurance premium into the mortgage. The borrower will also be responsible for paying an annual premium.
  • ARMs can only be used in conjuction with Sections 203(b), 234(c), and 203(k).
  • The index used to determine the interest rate is the U.S. Treasury Security adjusted to a constant maturity of one year.
  • Eligible properties are one-to-four unit structures.
  • The maximum mortgage amount for a single family unit is $155,250. Lesser limits may be applicable in other areas.

Single Family Construction/Perm Loans

The purpose of this program is to assist builders in obtaining construction financing by allowing borrowers to be approved prior to start of construction.

  • The mortgage amount is determined the same as any other loan with mortgage based on the lesser of sales price or appraised value. Appraisal would be done from plans and specifications with a requirement for completion inspection. The Builder must supply a HOW warranty policy in order for the borrower to obtain a loan to value in excess of 90%.
  • The loan would close in the name of the borrower prior to start of construction.
  • Disbursement of Funds is the responsibility of the lender. Interest, commitment fees, inspection fees, hazard insurance, and other financing charges incurred during the construction period shall be the responsibility of the builder.
  • Amortization begins no later than the first day of the month following 60 days from the date of final inspection or certificate of occupancy.
  • Payment of Mortgage Insurance is within 15 days of the date of closing.
  • A request for endorsement should be submitted by the lender within 60 days from the date of final inspection or certificate of occupancy.
  • The loan closes using standard FHA documentation with the addition of a Construction Rider to the Note and a Construction Loan Agreement. The construction documents must contain a provision that the construction terms cease to be effective and the FHA terms become effective at the time of final inspection or certificate of occupancy.
  • Escrows for Taxes and Insurance are established at the time of loan closing or at the time of final inspection or certificate of occupancy (lender option).
  • Builders must be FHA approved.

Energy Efficient Mortgages

Energy Efficient Mortgages provides mortgage insurance for a person to purchase or refinance a principal residence and incorporate the cost of energy efficient improvements into the mortgage. The mortgage loan is funded by a lending institution, such as a mortgage company, bank, or savings and loan association, and the mortgage is insured by HUD.

  • The borrower is eligible for approximately 97% financing. The borrower is able to finance closing costs and the upfront mortgage insurance premium into the mortgage. The borrower will also be responsible for paying an annual premium.
  • Eligible properties are one-to-two unit existing and new construction.
  • The cost of the energy efficient improvements that may be eligible for financing into the mortgage is the greater of 5% percent of the property’s value (not to exceed $8,000) or $4,000.
  • To be eligible for inclusion in the mortgage, the energy efficient improvements must be cost effective– meaning that the total cost of the improvements is less than the total present value of the energy saved over the useful life of the energy improvement.
  • The cost of the energy improvements and estimate of the energy savings must be determined by a home energy rating system (HERS) or energy consultant. Up to $200 of the cost of the energy inspection report may be included in the mortgage.
  • The maximum mortgage amount for a single family unit is $155,250 plus the cost of the eligible energy efficient improvements. Lesser limits may be applicable in certain localities.

 

What exactly is a Home Equity Line of Credit?

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A home equity loan is a second mortgage on your home. Home equity loans are a very powerful tax-deductible financial tool. Since home equity credit is a type of mortgage, it shares lower interest rates and the tax advantages of mortgages. You can borrow up to $100,000 of your available home equity for virtually any purpose, and, in most cases, 100% of the interest paid each year is tax deductible.

When to apply for a home equity loan?

A home equity loan is a serious move because it is a second mortgage on your home. If you are seeking to pay off credit card bills, car payments, or college tuitions, you have good reasons to seek a home equity loan.

The best part about equity loans is that you can now borrow up to 100% of your home’s equity and, in some situations, up to 125%. In the past, equity loans were usually limited to a total combined Loan-to-Value (LTV) ratio of 80%. For example, if your home was worth $100,000, the combined total of the first mortgage and the home equity loan (second mortgage) could not exceed 80% of that value, or $80,000. If the balance on the first mortgage was $60,000, you could borrow up to $20,000 on a home equity loan.

Use our home equity calculator to figure out your payment options.

VA Loans and Requirements

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More than 29 million veterans and service personnel are eligible for a va loan. Even though many veterans have already used their loan benefits, it may be possible for them to buy homes again with VA financing using remaining or restored loan entitlement.

Before arranging for a new mortgage to finance a home purchase, veterans should consider some of the advantages of VA Home Loans:

  • The most important consideration, no down payment is required in most cases.
  • Loan maximum up to 100 percent of the VA established reasonable value of the property. Due to secondary market requirements, however, loans generally may not exceed $203,000.
  • Flexibility of negotiating interest rates with the lender.
  • No monthly mortgage insurance premium to pay.
  • Limitation on buyer’s closing costs.
  • An appraisal which informs the buyer of property value
  • Thirty year loans with a choice of repayment plans:
    • Traditional Fixed Payment– constant principal and interest; increases or decreases may be expected in property taxes and homeowner’s insurance coverage
    • Graduated Payment Mortgage (GPM)– low initial payments which gradually rise to a level payment starting in the sixth year and
    • In some areas, Growing Equity Mortgages (GEMs)– gradually increasing payments with all of the increase applied to principal, resulting in an early payoff of the loan.
  • For most loans for new houses, construction inspected at appropriate stages to ensure compliance with the approved plans, and a 1-year warranty is required from the builder that the house is built in conformity with the approved plans and specifications. In those cases where the builder provides an acceptable 10-year warranty plan, only a final inspection may be required.
  • An assumable mortgage, subject to VA approval of the assumer’s credit.
  • Right to prepay loan without penalty.
  • VA performs personal loan servicing and offers financial counseling to help veterans avoid losing their homes during temporary financial difficulties.

WHAT IS A VA GUARANTEED LOAN?

These loans are made by a lender, such as a mortgage company, savings and loan or bank. VA’s guaranty on the loan protects the lender against loss if the payments are not made and is intended to encourage lenders to offer veterans loans with more favorable terms.

The amount of guaranty on the loan depends on the loan amount and whether the veteran previously used some entitlement. With the current maximum guaranty, a veteran who hasn’t previously used the benefit may be able to obtain a VA loan up to $203,000 depending on the borrower’s income level and the appraised value of the property. The local VA office can provide more details on guaranty and entitlement amounts.

WHO IS ELIGIBLE?

  • Veterans with active duty service, that was not dishonorable, during World War II and later periods are eligible for VA loan benefits.
  • World War II (September 16, 1940 to July 25, 1947), Korean Conflict (June 27, 1950 to January 31, 1955), and Vietnam era (August 5, 1964 to May 7, 1975) veterans must have at least 90 days’ service. Veterans with service only during peacetime periods and active duty military personnel must have had more than 180 days’ active service.
  • Veterans of enlisted service which began after September 7, 1980 or officers with service beginning after October 16, 1981 must in most cases have served at least 2 years.
  • Persian Gulf Conflict. Basically, reservists and National Guard members who were activated on or after August 2, 1990, served at least 90 days and were discharged honorably are eligible. VA regional office personnel may assist with eligibility questions.
  • Members of the Selected Reserve, including National Guard, who are not otherwise eligible and who have completed 6 years of service and have been honorably discharged or have completed 6 years of service and are still serving may be eligible. The expanded eligibility for Reserves and National Guard individuals will expire October 28, 1999. Contact the local VA office to find out what is needed to establish eligibility. Reservists will pay a slightly higher funding fee than regular veterans. (See paragraph entitled “Costs of Obtaining a VA Loan”).

WHAT CAN A VA LOAN BE USED FOR?

  • To buy a home, including townhouse or condominium unit, in a VA approved project.
  • To build a home.
  • To simultaneously purchase and improve a home.
  • To improve a home by installing energy-related features such as solar or heating/cooling systems, water heaters, insulation, weather-stripping/ caulking, storm windows/doors or other energy efficient improvements approved by the lender and VA. These features may be added with the purchase of an existing dwelling or by refinancing a home owned and occupied by the veteran. A loan can be increased up to $3,000 based on documented costs or up to $6,000 if the increase in the mortgage payment is offset by the expected reduction in utility costs. A refinancing loan may not exceed 90 percent of the appraised value plus the costs of the improvements. Check with a lender or VA for details.
  • To refinance an existing home loan up to 90 percent of the VA-established reasonable value or to refinance an existing VA loan to reduce the interest rate.
  • To buy a manufactured home and/or lot.

WHY A VA LOAN?

The more you know about our home loan program, the more you will realize how little “red tape” there really is in getting a VA loan. These loans are often made without any down payment at all and frequently offer lower interest rates than ordinarily available with other kinds of loans. Aside from the veteran’s certificate of eligibility and the VA-assigned appraisal, the application process is not much different than any other type of mortgage loan. And if the lender is approved for automatic processing, as more and more lenders are now, a buyer’s loan can be processed and closed by the lender without waiting for VA’s approval of the credit application.

Additionally, if the lender is approved under VA’s Lender Appraisal Processing Program (LAPP), the lender may review the appraisal completed by a VA-assigned appraiser and close the loan on the basis of that review. The LAPP process can further speed the time to loan closing.

FIVE EASY STEPS TO A VA LOAN

  1. Apply for a Certificate of Eligibility. A veteran who doesn’t have a certificate can obtain one easily by making application on VA Form 26-1880, Request for Determination of Eligibility and Available Loan Guaranty Entitlement, to the local VA office.
  2. Decide on a home the buyer wants to purchase and sign a purchase agreement.
  3. Order an appraisal from VA. Usually this is done by the lender. Most VA regional offices offer a “speed-up” telephone appraisal system. Call the local VA office for details.
  4. Apply to a mortgage lender for the loan. While the appraisal is being done, the lender (mortgage company, savings and loan, bank, etc.) can be gathering credit and income information. If the lender is authorized by VA to do automatic processing, upon receipt of the VA or LAPP appraised value determination, the loan can be approved and closed without waiting for VA’s review of the credit application. For loans that must first be approved by VA, the lender will send the application to the local VA office which will notify the lender of its decision.
  5. Close the loan and the buyer moves in.

Cash Out Refinance Rules & Benefits

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So what exactly is cash out loan? Cashing out refers to the refinancing of a loan where the borrowers will borrow money on their own home. If a home is appraised at $100,000 and the borrower’s outstanding mortgage loan is $60,000, it is possible to enter into an 80% cash-out refinance transaction for a loan of $80,000 (80% of $100,000). The new mortgage of $80,000 will pay off the $60,000 loan and leave $20,000 cash-out to the borrowers. Are you with me so far?

A cash out mortgage refinance is a refinance option which allows you to service the original mortgage and also provides a lump sum amount in cash. Cash out refinance operates on the basis of your equity (the monetary value of the percentage of the property you hold ownership) in your house property and the appraised value of your home.

Example: The value of your home is assessed at $350,000 and you have an outstanding mortgage liability worth $100,000. You can opt for a 40% cash out refinance on your home which will allow you access to funds worth $140,000. This implies that you can service your mortgage liability worth $ 100,000 and have extra funds worth $40,000 for personal use.

The equity you own is the difference between the appraised value of your home property minus your outstanding original mortgage liability. For example, if your home is valued at $350,000 and you owe $100,000 as outstanding mortgage payments. Your equity on your property is $250,000 which is also the extent to which you can apply for a cash-out refinance.
The key benefits of cash-out mortgage refinance are:

  • Access to funds after servicing mortgage liability.
  • Cash out mortgage refinance helps turn equity into cash.
  • The funds can be used for home improvement, debt consolidation or any other expenditure. There are no restrictions on the use of funds.
  • Cash out refinance also provides a better interest rate and long term loans
  • Lower interest rates and long term loans imply lower monthly mortgage payments spread over a long term.
  • Lower interest rates also translate to savings on interest payments.
  • Funds used for home improvement can increase the equity of the home.
  • Cash out refinance is available up to 100% of the value of the home.
  • Switching from ARM rates to fixed rates provided by cash-out mortgage ensure cost savings.
  • Tax deductible interest payments provide taxation benefits.

What are the benefits?

By cashing out on your home, you can obtain cash on the value of your own home to pay off debts or upcoming expenses. The refinance transaction can also provide you with a better mortgage loan interest rate that will save on your monthly mortgage payments during the loan. And it’s tax-deductible.

What is a No Cost ARM Refinance

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Adjustable Rate Mortgages (ARM) fluctuate the rate of interest based on market indices. The initial rate of interest is usually lower and is subject to market fluctuations in the future. The No cost ARM Mortgage refinance allows you the privilege of a refinance at a lower rate of interest and at no cost. But be careful when you hear “no cost” because every company has to make money from you somehow.

Some key advantages that you can benefit from a no cost arm refinance are:

Initial rate of interest will be approximately 2% less than your current rate of interest.

No closing costs or fees will be bundled with the value of the loan amount.

Lower rate of interest implies low monthly payments and cost savings.

Refinance your current ARM at better rates at no cost.

Shorter term implies you can build equity on your home faster.

The costs that are not included in a No Cost ARM Mortgage are:

  • Title Costs
  • Appraisal fees
  • Prepayment Penalties
  • Loan Origination fees etc.

It is important to note that:

Recurring costs such as property tax, insurance etc are not covered under the “no cost” clause.

The rates mentioned are subject to change without notice.

For Example: A One year ARM Loan Example


Loan Amount:

Interest Rate:

Monthly Payment:

(Principal & Interest)

$200,000$200,000

8.625% * (Current)6.500% * (Refinance)

$1,555.58$1,264.13

Savings — For 1st Year $291.45/month X 12 =$3,497.40

Note: This is only an example; savings may vary. Availability of a particular interest rate is not guaranteed due to fluctuations in the current market and underwriting guidelines.

Now having shown you the benefits of a “no cost” refinance loan, where are the hidden costs for this as a consumer? It could very well be that we’re paying higher interest rates than other types of loans so always compare other products and ask a lot of questions!

Are No Doc Loans Still Available ?

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Do no doc loans even exist anymore in this market? I would be very surprised if lenders offered them in today’s market. These were often called the “liar loans” after the market crash. So what exactly is a no doc loan? No doc loans are loans that require very few documentation included in the sample below. These type of loans are usually secured for people with excellent credit scores.

Sample requirements for a no doc loan:

No W-2′s needed
No business tax returns needed
No asset verification
No reserves required
No credit explanations
No employment explanations
No second appraisals
Eligible properties include Single Family Primary, Secondary, and/or Condos
Only one pay stub is needed to apply (for salaried earners)
Only one tax return is needed to apply (for self-employed)

Use A Home Equity Loan To Consolidate Your Debt

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In our modern world, debt grows at an alarming rate leaving many in financial stress and fearing for the loss of their credit rating. The good news is if you own a house you are in better shape than most because it not only keeps a roof over your head, it can be used for a home equity loan to consolidate your debt.

The equity you have built in your home over the years can now be used to help you correct your debt problem because it becomes the collateral for your loan. This can be a bit of a scary idea because if you miscalculate using this home equity loan, you are setting yourself up for bigger failure.

This is considered by most to be a second mortgage because your house is the collateral for it but the difference between this one and your original mortgage is the length of time of the loan. The term is a lot shorter on average being over 10 years but can be as short as 4 years.

A home equity loan comes with a nice low interest rate, and some terrific tax deductions, and it is also a great way to manage debt that’s becoming unmanageable. In fact it’s probably the best opportunity you’ll have before things go really sour.

But if you do not cut up your credit cards, your consumer debt will grow again and in only a few years you’ll be in the same position but probably with no options second time round. You need to not only consolidate, but you need to become a more responsible consumer looking out for yourself and your family while avoiding the consumer pitfalls.

The interest rate on a home equity loan can be better than consumer loan rates and certainly much better than even the best credit card rates. But the real reason that these loans are so appealing is because of the tax benefits which are not available on other types of consumer loans.

A home equity loan to consolidate your debt might be just what you need to get straightened out. Consult with a home equity loan expert to customize a solution plan. It is a good idea to research the basics using tools like a home equity loan calculator and gathering all your options before you make a decision to take money out of your home. Good luck!