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• Surviving a subprime mortgage, baby boomer style

  Posted Dec 21 2007, 01:11 PM by Karen Datko
  Filed under: Debt, Housing, Banking, Family

  Those facing seemingly insurmountable mortgage difficulties may find inspiration from Boomer at The Wastrel Show. Divorced with two children in 1985, Boomer got the type of mortgage available to women in her situation back in the day -- a subprime adjustable-rate loan. We'll tell you up front that this story has a happy ending. But that took years of smart financial moves and plain-old determination, and her detailed account makes this post  shine.   Read More...

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• Take a new mortgage for a test drive

  Posted Oct 29 2007, 01:44 PM by Karen Datko
  Filed under: Debt, Housing, Family, Saving
  Can you really afford a bigger mortgage? There's a good way to find out. Melissa's very thoughtful post at A Penny Closer describes how to live with the cost of a higher mortgage for six months before actually taking the plunge . She had $600 a month automatically deposited in a high-interest savings account. That amount represents the difference between her current house payment (mortgage, taxes and insurance) and the monthly payment on a new home. "At first, not having that money in the budget was difficult, but we have worked through the aches and pains and are comfortable now," she wrote. The family also finessed its budget to accommodate other expenses it anticipated with a new home -- more spending for things like electricity, water and furniture -- without putting less into debt payment and savings. Now Melissa knows her family can afford a new house , and has a bunch of savings in the bank to make the transition easier.
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