We May Not Be Able To Help You

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Ramsey Network

Self-improvement, Education, Investing, Business

4.6 • 682 Ratings

🗓️ 16 May 2024

⏱️ 8 minutes

🔗️ Recording | iTunes | RSS

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Summary

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Transcript

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0:00.0	Brought to you by the Every Dollar app.
0:04.3	Start budgeting for free today.
0:06.5	I'm just trying to get some advice with my trying to buy a house in about February,
0:12.1	March, 2025.
0:14.2	I make about $68,000 a year.
0:17.9	I am a single household.
0:19.6	No kids, no significant other. And I, because of the
0:23.5	financial economy right now, it's not an option not to buy because rising rents. So I'm
0:30.4	preparing to buy next year to also take advantage of a $20,000 grant that can be applied
0:36.8	towards principal or closing costs.
0:41.3	My situation or my question rather is what to do with some extra money.
0:46.6	My parents are taking out a HELOC loan to pay off my private student loans.
0:54.8	Please don't do any of the things you're doing, Megan.
0:57.0	Is this already happened?
0:57.8	All the things you're saying, please don't do any of these things.
1:00.9	It's already in process.
1:02.1	So without the student loan, I will be able to buy, but with the student loan, my minimum
1:06.9	payment for it is $722, and I already talked to a realtor and they said, um, I may be to get approved for a
1:15.2	$100,000 house, which is nothing.
1:18.6	Um, he said it's not impossible, but he was like it would be very, very hard to find a
1:23.0	house.
1:23.9	Um, so all of the documents are already signed and everything for the HELAC and it would
	...

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