Using a HELOC To Speed Up Mortgage Payoff

Never heard of Goldberg contraption.

Well, it's a machine that performs a simple task in a very complicated way that exactly what you want to help you pay off your mortgage faster. Nevertheless, there are subsystems out there that mortgage just a few years. Today, kingdom advisors, Pres. Rob West explains what that your calls anything toll-free 800-525-7000 800-5257 Eli speed up your mortgage payments on moneywise's of Goldberg contraptions where you needed needed a soup ladle up Burda clock in the sky rocket all working in sequence just to dab your face with a napkin. Are you saying that these speedy mortgage payoff systems are a bit like that. I'm not going that excessive maybe, but still pretty complicated and relying on things going, pretty close to perfect. Just like in those cartoons. If one link in the chain doesn't work well the whole thing may just fall apart. Well we we get lots of calls about these kinds of play. Also Phyllis in how they work.

While there are variations, no doubt, but for any of them to work you have to have a healthy positive cash flow that means a significant amount of money left over at the end of the month so if you're struggling just to meet your obligations. Now this definitely isn't for you, and basically the idea works like this, although again, there are a number of varieties of this to start you need a credit card gives you a grace period of ideally around 45 days to make a payment without hurting your credit score then you need to take out a home equity line of credit or what's known as a HELOC insert in mind, she'll put your entire paycheck toward your mortgage of the amount above your normal payment goes against the principle of course.

Meanwhile, you use the credit card to pay for all of your other expenses running up a tab there.

Then when that card's grace period is about to end well. You'll pay off the entire credit card balance with the HELOC. So far fairly then then what well then, instead of paying your mortgage you use your next paycheck to pay out the HELOC balance and then you do that over and over again I can. Well, that is, at least in my mind a little bit complicated but doesn't actually work well it certainly works for the company selling the ideas because most of them are also selling expensive software to run the system, sometimes as much is $2500. But here's the thing. If you need a special platform to stand course. Is this really something you want to be involved in you and what if you not able to to stay the course and therein lies the real danger stay, because unless you're awfully good at staying on a budget, you'll end up just borrowing even more and racking up more in interest.

So yes a scheme like this can look great on paper. If everything works very well as you expected, but in practice, well, that's another matter. I see you're committing yourself to paying maybe an extra 20,000 a year on your mortgage. What are the odds of that actually happening over an extended period of time, you may very well get tired of the system and what if your plans change you have another child or you decide you want to start a business or you get sick and can't work and have huge medical bills and we never know what the future holds but very often it has unexpected twists and turns that will, of course, that you back your HELOC strategy by several years and increase the chance you will tire of it pretty quickly understood any chances. The Bible has anything to say about something like this will generally speaking, of course, I think that borrowing to save is hardly biblical stewardship of Proverbs 22 seven warns the borrowers slave to the lender. So you're always borrowing from two lenders to pay off 1/3 innocence floating your dad around in a circle. Then there's presuming upon the future something else we don't want to do. That's a pretty clear in Proverbs 1921.

Many are the plans in the mind of a man, but it is the purpose of the Lord, that will stand so my advice well I'd take whatever discretionary income you have and put it directly on your mortgage principal, I'd probably least for me skip the credit card and HELOC idea. It's a lot simpler and you don't have to pay anyone $2500 to get started again.

There's varieties of this Steve one is where you replace your traditional mortgage or conventional mortgage with the HELOC and then you put all your money against that is your paycheck comes in and borrow it back, moving from amortized to simple interest. But again, it's just complicated. I'd rather keep it really simple if you can explain it. My rule of thumb is then you just don't like that rule of thumb, and I'm the guy who can spell fun without his opinion, this is moneywise. He's Rob West times more your calls at 800-525-7000.

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For more information on how Christian credit counselors can help visit Christian credit counselors.org Christian credit counselors.org or call 800-557-1985, 800-557-1985, the sun is shining wherever you are not literate, if not literally or figuratively. And of course if it's the SON rather than the S UN. Well, we know that he shines his gray shines on this 24 hour basis. So good to have you along. Here's her phone number again 800-525-7000. If you have a question about anything financial for Rob West. He's in the hot seat ready to take your call 800-525-7000 begin Rob by going out West Stafford, Arizona Arnold, you're thinking about some sort of insurance policy well Rob, thank you for the program are rewarded eternity with our Lord and the gift of salvation 2147 usual universal life and I want to know I can renew it hundred and two court my payments will go up okay if I do right now I'm 68 right now to go to $1552 a year. I may not $8124 a year 5062 every six months I've been in a long enough that I should let it go. I don't think… I think at the end. I will still come out and again the Lord asked us to be like our family script.

Yes, yes, what is the death benefit on that Arnold, 250,000 okay and so the premium over the next 12 months of the $3100 and do you know what the internal rate of return is that you're getting on this policy on the From 4 to 7 but I don't think it really built up a unit with a way to market yeah yeah well and I know sure so I think the key here is to evaluate. First of all, whether you still need the insurance on the fundamental purpose of insurance is to protect against and manage risks that they can't otherwise be borne by you and when that need no longer exists, then you really don't have a need in this case, for the life insurance and so I think that's the first issue of the second toe which would be the caveat is that in today's low yield environment, many permanent life insurance policies can provide another value, and that is a favorable internal rate of return. If it's held until death, which is potentially appealing is somewhat of a bond alternative and I think that would be the only reason potentially that you want to hang onto it. Is that even though perhaps you don't need the death benefit and it's essentially unnecessary. It's not necessarily wise to surrender it but to actually keep it because if you look at the alternative as to what you would do with it. You might find that you are going to have trouble finding an equivalent rate of return with a commensurate risk level so I think perhaps Arnold, do you have a financial advisor that you work with or do you manage everything yourself. I manager myself at my door for guidance yeah and that's always a great place to start.

We go to his word and we find all these principles and certainly James 415 is a great reminder that if we lack wisdom, we can ask for the Lord will give it to us and so certainly it sounds like you've been doing that.

I'm delighted to hear that. I think though that this would be a situation where a competent financial professional, not for your having to engage necessarily something someone on an ongoing basis, but somebody did just help you evaluate this policy in light of your overall financial condition, just in a couple of minutes here on the radio. I'm hesitant to say yeah go ahead and surrender that quarter million dollars worth of death benefit and you take this money and in terms of the cash value and redeployment. Given how much you put into this and not knowing really the full picture of your financial situation, so I'd really prefer Arnold in this case that you visit with a competent financial professional, I'd prefer you to visit with some of you has a certified kingdom advisor designation who really shares your worldview understands an eternal perspective of money and can bring that to bear alongside competent financial advice. So the way you go about that. If you choose to go in that direction is just go to our website moneywise live.org and the just click find a CK put in your ZIP Code and anyone that you come up with will have that designation and find somebody who would just allow you to pay them for their time to really help you evaluate whether there is another alternative, you should be considering before you make this really significant decision related to this policy that you been paying on for a long time so I apologize. I can't give you a definitive answer, but I just feel like there's enough variables here that I probably shouldn't, but I think at the end of the day at this comes down to what is the internal rate of return on that money.

If you carry it to death.

What would you use as an equivalent replacement if you were to surrender it and do you need that death benefit for any reason, those are really the factors you will Arnold being a can-do guy who's done it all by himself.

All these years is probably thinking, well, what's that going to cost me what Rob suggested sitting down with someone whether it's a CK or someone else for an hour and getting their their thoughts and having them review this what what's that going to cost me. Can you give us some parameters. Probably a couple hundred dollars. Steve somebody to give you there.

You know an hour or two of their time just to help evaluate this in light of the overall situation outfit were to result in a full-blown financial plan that could run a couple thousand dollars, but if it's really just related to this specific question and giving us some options to consider. It would be anywhere from no cost is somebody just evaluates this is a part of Kent of considering whether they're a good fit to literally in a couple hundred dollars for an hour of your time okay and if Arnold were to say listen, I know Robin Steve personally.

That would probably increase the cost if it may go up I will bless you my brother, thank you very much for calling it today. We wish you the best Akron Ohio W CRF and Jonathan. What's your investment question. I have a question about calling… No doubt provided to really what bad are brand that said them and that bitcoin is not a good idea, but I do know for sure.

Yeah, it I can Jonathan and I would just be real clear here and say stay away. Now this is not something you should look at for investing God's money, crypto currencies, of which bitcoin is one of several thousand now are essentially as an investment ultra high risk investment is way too much volatility it grossly exceeds any other investment class and that's just because they're unregulated and so as a result of this being an unregulated market and as a result of this being new technology that still ends somewhat of an adoption phase and because of you know, the fact that many of these exchanges have been hacked and one in particular in South Korea were you users lost their currency and investors lost their assets, not to mention there's fake crypto currency exchanges that have defrauded folks out of their money. We've even have thought tourists skews me terrorist using bitcoin and other crypto currencies is a part of just what they do and wreaking havoc all over the world, which again fuels the volatility because in some cases it could be outlawed because of the anonymity and I'm in the fact that they're not regulated all of that just really you put that together and it ends up being a very high risk investment. Does that mean folks haven't made money know there's probably plenty of folks and made a lot of money investing in these crypto currencies, but I just think for the average investor. This is not something you want to be doing with God's money, I would take a much more sure and steady approach, which the Bible describes a steady plotting and be well diversified with a long time horizon and high quality investments systematic and your contributions.

Make sure you're giving first make sure your spending plans in line which are consumer debts paid often and you have an emergency savings fund, but then beyond that.

Just be diligent and systematic in your investments. Not trying to pick the next winners and losers with a highflying investment strategy, but really just a sure and steady approach. This can win over time Rob it's not that there aren't some people who have done amazingly well with bitcoin, but it's just a little like Las Vegas you know there are some people who win, but most people don't get and not in keeping with the slow and steady principle that we find in God's word correct God's executor is ready Jonathan were glad that you call that we wish you the best with that we come back and speak with Chris who wants to know about credit card security and also Becky in Springfield Missouri you're listening to moneywise live Rob less times more will be back with more right peers agree more about our money than most of us imagine. In fact, Jesus is more about our use of money and possessions and about anything else, including both heaven and hell in managing God's money, author Randy Elmore and breaks it all down in a simple, easy to follow format that makes it the perfect reference to if you're interested in gaining a solid biblical understanding of money, possessions and eternity managing God's money is available in the store moneywise live.org/the tried and tried to get to the bottom still get the picture between healthy and great knowledge. I know there are continually constantly seen in Scripture to gather world between detailing the team to use the purpose purpose is knowing what to do with knowledge is not God's word. We do not want any thing with his parents more buying a home is the largest most nerve-racking perches. Most of us ever make. It doesn't help that you're entering a maze of unfamiliar words and confusing options that can leave you intimidated frustrated and afraid to been taken advantage of navigating the mortgage made by Dale Vermillion help you clear up the confusion on rack your nerves and make the best mortgage decisions possible with confidence navigating the mortgage maze available when you click the start button moneywise live.org you joining us today on moneywise live where timeless wisdom meets today's financial decisions and choices. And if we can help you.

We love to try 800-525-7000 West from our perspective, what a retro hall. Chris, thanks so much for holding out hope we help you.

I know where it went on the radio and time back credit card and I have one and I heard about what they were associated with reported that the group behind them and it I wasn't comfortable with it. It's got money and I don't want to represent. I don't want it card it represents something.

I don't believe him so I was wondering, but what's the difference between a debit card, credit card, and a secured credit card and just make sure Chris understand what you're asking about. Happy to explain the differences between the three, but when you're talking about doing business with a company that perhaps is doing things you don't agree with your talking about how they spend their corporate profits and whether or not you want to be aligned with one of those companies is that right I will. I found out I what I just heard blurb on the radio and I thought I had no idea that they supported. Yeah, sure. I think there's an opportunity there for you to really think about who you do business with and what they're doing up there, we talked in the past about the new website that's really helpful in this area called inspire insight.com where you can ask you put in the ticker symbol of the company or the name itself and they scrape the web and amazing databases to find out how these companies are using their dollars advocating for certain causes and organizations that may conflict with your values at least gives you the transparency to know and so that would be a way to to check that out again. It's inspire insight.com as to the difference between the three. Obviously with a credit card unsecured credit card you are basically having a line of credit extended to you so you're applying for and being approved for certain dollar amount that you can charge against. There's no money on deposit there putting this line out there for you based on your creditworthiness and then you're able to use that as long as you pay it off. There's no interest. If you carry a balance there will be, of course, interest, and then if it any point you don't pay it back. Then you have obviously fees and penalties and at some point they could seek a judgment against you with a secured credit card. The only difference is you actually are putting a certain amount of money on deposit so you would give let's say two or $300 to the bank. They give you a line equal to that you charge against it and then you pay it down. They don't tap any of those funds, but it's there is security. So if it any point you didn't pay the balance while they have no rest because they could take the money on deposit that is securing that credit card with a debit card.

Obviously there is no line of credit and you are just tapping into the funds you have on deposit and you actually are spending those dollars immediately as each transaction goes through in terms of the fraud, you know, historically, the credit card was always the obvious choice. You know, but these days it does very there are better consumer protections through fraud protection from the Federal Trade Commission all the way through the warranties that the issuers offer themselves and basically with a debit card. The only downside is the money if it was compromise does come out of your account so you have to wait for it to be returned to you, which does give you a period of time or you wouldn't have access to those funds, but at the end of the day. The liability is zero if you report the loss or the fraud immediately.

It's up to $50. If you do it within 48 hours and then up to 500 if you notify the bank with 48 hours and 60 within 60 days of it being lost or stolen. So I think the key is to stay on top of it recognize there are protections in place, but you will identify just as quickly as you can in the good news is although there's more fraud than ever. There's more security than ever before and the issuers are going to great lengths to protect your funds and to stay in constant contact with you.

So after a lot out you there Chris, tell me what questions you have. I want to make it God bless extra money I make sure that I know walking the straight path in the most secure path with regard it and I and I on I have had a debit one point it had a credit I don't think I ever did a secured but I here's here's where I would go with that number one I love what you're saying. I would always operate based on the spending plan to make sure that where you spend your money is in line with your values and refill I got is leading as to how you go about that.

Whether it's cash in an envelope system and literally paying for with cash or whether using electronic means. I like the idea of using a credit card for budgeted items and then just being sure that you're watching that account to make sure that it is not compromised and that every charge that comes through is in fact one that you recognize and to the extent that it's not I would try to notify the issuer immediately and know that there are protections in place so I think if you're doing that in just following good principles with regard to doing business online.

Assuming that this something you're doing, including never clicking on a link in an email, including, never doing business over public Wi-Fi coffee shop or something like that that I think at the end of the day Chris we just trust the rest of the Lord, knowing that you're doing your part is that you call today. Thank you very much. We trust all that information listening to moneywise live with Rob last time Steve Moore. I will we come back to take some more calls. Of course, 800-525-7000.

Please, how should we as Christians think about investing. What if we could invest our money in a way that aligns with what we believe that Eventide we believe it is possible to love God and love our neighbor in the very practice of investing redesign investments for performance and a better world so you can invest for the future with a sense of wholeness and purpose. We call this investing that makes the world rejoice. More information is available@investeventide.com Christian healthcare ministries enables believers to show love for one another by sharing each other's health costs through CHN's voluntary health cost-sharing programs members uplift each other spiritually and financially. CHN was an eligible option under the affordable care act and a Better Business Bureau accredited charity interested. Learn more by calling 800-791-6225 or online at CH ministries.more communications major in the first week is found in Psalm 123499 for he will deliver you from the pestilence covering opinions under his wings you will find rest. Psalm 91 widening radio first week spiritually best for their children. Knowing how to pray for them can often be as challenging as knowing what I'm drinking the host at Moody publishers reading for change podcast I challenges you pick up your copy of publishers. Many people are experiencing financial challenges such as credit card debt downsizing that in jobs savings. In fact, more than half of all the courses are the result of financial pressures at home hope in your money counts biblical financial expert Howard shows that the Bible is a veritable managing your finances will discover the profound relationship, your money counts is available when you click the start button moneywise live with SRI news on Bob Agnew in Washington.

The trunk campaigns as a present will debate Joe Biden on Thursday. That's despite about a rules change which moderators will have mute buttons to keep the candidates from interrupting one another at some of the presence as is designed to aid Biden in the debate, the U.S. Senate, wasting no time, now it's on track to confirm Judge Amy Cody Barrett to the US Supreme Court by next Monday. That includes a rare weekend session judgments confirmation would seal a 63 conservative majority on the court for years to come. NATO says it plans to create a new space Center to help manage satellite communications and the alliances military operations. The movable part of NATO's effort to keep ahead a fast-moving high-tech sector, especially against adversaries like Russia and China. At the close on Wall Street. The Dow was up 113.2 NASDAQ up by 3740 tells answer news.com great to have you out there today. What I wish from each of our listeners/callers could hang with this great day behind the scenes and see them on the in the background you know I drink a lot of coffee. You don't still in all that dynamic is that that vibe that chemistry that happens. Yeah, I'm well aware of it, especially during the breaks. For some reason, I will see if we can make that happen. Stay by your phone as Springfield, Springfield, Missouri hello Becky, how can we help now direction you are now tracked down and what you think.

I'm 50. My spouse died.

He died about five months ago.

I have a vehicle that hateful. I have 15,000 I owe 230,000 on the mortgage and I have about $2000 extra money per month and might might question is would it benefit me more to pay that on the mortgage credit in saving iconic. One of the calculators online or retiring five years paying that mortgage. I have a grandbaby that's due in November and I really struggle with learning to go part-time for six months or year in time and help out and my daughter tell us like a little bit of your opinion direction on yeah Becky will first of am so sorry to hear about your husband's passing. You've done a great thing in that it sounds like you have a real clear understanding of what you have, what you've been entrusted.

It sounds like you have a real solid financial foundation under you and an exciting future of the Lord is going to take you on with the new birth coming in the form of a grandchild and it just this exciting season that you're stepping into in terms of your finances. What did you say your monthly expenses are when you total everything up those things you get a bill for those things that are more discretionary in nature. Do you have a rough idea of how much it is in total. Well, now that amount on everything that extra that I can you something very good if you were to go part-time with that. Take away that whole 2000 extra or not quite not quite what would you estimate your surplus to be at that point will probably 500 a month okay very good and what retirement assets do you have besides the 15,000 in savings whether monthly amount of pension and I have 25,000 just a small 4K okay so the pension plus Social Security. Once you begin drawing that down the road should cover your monthly expenses because by that time, the house would be paid off.

Is that kinda what you're thinking is okay and last question, do you plan to stay in this home. Becky for the foreseeable future. I do. I've gone back and forth very securely in a good neighborhood a little bit insecure about where I would live otherwise I totally get that for the exciting thing is that you have you.

7 1/2 months essentially and expenses in that emergency savings so you got a good bit built up for the unexpected.

And I love the fact that you got this extra 2000 a month that you can put away. I might go ahead and continue to save that full amount until you get the years worth of expenses in the bank that will give you a nice cushion to know that you got plenty of money to fall back on. In the event something came out of left field. Obviously your healthy you're still working you're feeling good and yet you know this grandbabies, and that's going to continue to be a draw for you and wanting to spend a lot of time there. So I think while you're still working. Let's go ahead and build that up to a full year's worth of expenses which means taken at 15,000.

Again this is just a recommendation, but up to 24,000 in the bank at that point, I would be comfortable with you taking all of this money unless the Lord's directing you somewhere else and putting it against the house because we obviously do want to pay that off as quick as you can and that would get a good bit going to principal and bring the spout balance down quite rapidly, both now and in the future if you were to go to part-time the good news is you have the ability to do that because even with part-time work, plus the pension that you have.

Sounds like you still have quite a bit of surplus there so that if if anything changed in your financial life you could stop sending the extra to the mortgage and you would have the ability at that point to reclaim that surplus. So I think that's probably the direction I've had, but give me your thoughts like that.

I I if I were to go part-time PE think okay to go part-time for six months to help out with Karen and go back to full time.

Absolutely, you know, we go back and we understand God's design. He created us to be workers to be productive and to take what he created and improve that. And so you know you're using your skills in working in doing that for an audience of one, for the Lord himself and so I think you no matter how he directs you, whether it's in your place of business currently or something else that he might directed to down the road. I think any time you can use your skills and W blessing to others and continue to save which you would be able to do which affords you the opportunity for more giving door to be able to bless family members.

Perhaps this new little grandbaby or even to continue to build up some of your retirement assets. I think that's a great option. But good news is you really have the ability to kinda feel that out as you go and I think it will become clear as you get a little further along Becky thank you so much for calling and again were very sorry to hear about your husband. But we prayed that the Lord will bless you and encourage you and that you will feel his presence as you go forth. Thanks so very much a link George Minnesota, Al, just a little bit of time. What's the situation there.

Thanks for taking my call. My wife and I are both retired and we have our IRAs major church denomination hiring entailed funding ministries and churches within the denomination, we come matured and now I have decided to hold off on going back into that and put it in the demand note within the IRA to see how things shake out with great will live in with churches not having the attendant that they normally do and think that how this would affect this type of investment in the church body or ministry that might be helpful to make sure I understand what you're referring to here George and we may have to continue this after the break, but are you invested in church bonds is that with the portfolio consists of no no no fun and found that they lets do this this this break right here and talk some more. On the other side. Stay with us back in just seconds. This is money and life run on the same track.

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As we went to the great speaking with his wife live in Lake George Minnesota concerned about some of his vestments that involve an organization that works with local churches. Now I think I'm going to need to just a bit more information and and perhaps what you could do is just send a bit more detail to us through questions@moneywise.org I'm just not familiar with the types of investments that you talking about.

It sounds like if they're not church bonds. Perhaps these are demand certificates, but regardless, I'd love to know a bit more about what it is before I weigh in with any advice. So certainly appreciate your call today. Would love to get you some help. So here's what you do. I just since more information or questions that moneywise.org. Our team will pass that along to me. Will check it out and either get you back on the air or share her thoughts tomorrow on the program and we appreciate you giving us a call and I'll thank you very much, Stan homeless, make sure that you have that information because we really would like to be able to comment on this and help you clear things up.

Thanks so much.

Broomfield, Ohio hello Mark what your question for Rob West. Thank you for taking my call. Opening up a a new checking account or an additional checking account over the weekend have the banker call me yesterday.

Actually, for a financial wellness conversation and during the conversation he let me know about something that the bank offers called the loan and your topic today at the beginning of the program with a key lock seemed very appropriate time to ask about the key loan.

A home equity loan that would take the place of the mortgage at a much lower interest rate and I just wondered what your thoughts were about you tell me about what's being offered to you. Is it a fixed rate of interest that he's suggesting it okay so it would essentially rented great rate that they were at. As of yesterday would have been to and was either doing and to .1 33.2.13 over prime discount.

Okay, that sounds a bit low if it were 2.13 the prime rate today is 3 1/4 so I will think it's probably 3.13, what with the terms being offered 15 or 20 year loan. If it held for longer than three years. There are no costs other than a small administrative fee of $295 if it prepainted within the three years it would be approximately it would be the appraisal and the title search that would be owed. But if you held it longer than three years. There are no additional fees. There's nothing added on to the principal. Yeah, okay, it's the only thing is just really comparing them in. It all comes down to what type of loan is it. How is it amortized meaning if it's if it's amortized over 20 or 30 years I think. Secondly it's so it's all about rate and so if it's 3.13, which makes sense if you said it was a discount off of the current prime rate, then that's a bit higher than what were seeing in just conventional mortgages unit with a 15 year, you should be able to get slightly better or just a little higher than 2 1/2% probably 2.6 in a with a 30 year or 2.752.86 something like that were in a really low interest rate environment and then beyond that, it's all about the expenses and it could be that as you said, if you're willing to hold the loan they rebate some of those back to you but at the end of the day you need that truth in lending statement to figure out my paying discount points. Is there any origination how much is that you know the various fees and expenses, underwriting charges and appraisals of all the things that come with it and then you just want to compare the various options and really shop this around, beginning with bank rate.com considering your local bank that you're speaking about here and at the end of the day. I think it will become obvious mark whether this type of loan again.

Considering those factors versus other options make some sense for you so I would do a bit more due diligence get all your numbers the cost the rate and then compare it after you shop around and if you have any questions. When you do that give us a call, Mark. Are you in broadcasting. I am not well you want to think about it because it is saying that is you have great pipes now. Don't try to get my job. Anyone else is fair game.

As far as we're concerned, so give that some consideration okay Ron if it ever comes open. Let me know, okay, here's what I would say Markvery happy with my cohost is that rare exception. Employees already making a move. My goodness Michael never calls back again later when I independence mole Independence, Missouri Jonah, thanks so much for holding and how may we help you for the future.

Also by how my loan for a house really like 25 no no him trouble investors into the houses that were okay yeah well in this kind of market. Jonah, it is very difficult. It's what we call a sellers market where there's not a lot inventory lot of people looking to buy homes, not a lot available-for-sale and unfortunately in that environment coupled with the fact we have historically low interest rates. It seems like homes are selling in a matter of hours, maybe days, but certainly not weeks. As long as they're priced right and good area of town, so let's back up for mom you said you trying to save her house.

Give me a quick rundown of your situation. First of all, you live on a budget okay. Secondly, do you have any emergency savings set aside: okay, how much roughly about 500 okay. What are your monthly expenses, all in over the course of a full month with just roughly 100 700 total okay are you live in you living with a family member where you living okay now time back and forth. Okay, very good. And do you have anything beyond the $500 in savings that you've already accumulated for the down payment on the house now on part-time job.

Okay, very good. Do you have any debt, this is getting to the end of my questions just I don't have many left but do you have any debt to speak. I will like credit cards or car loan anything like that 700 okay yeah yeah dear dear including your minimum payment what you owe totaled to the credit cards credit card okay. No credit card debt. Okay, do you have any other loans are paying or maybe a car loan. McConnell okay very good for the good news is you don't have a lot of data and you got a car loan is not like you living on the credit card. Sounds like you're keeping your lifestyle and check. I think the key here is that it we've got to get to a place where you've got a little bit in the way of emergency reserves. We would recommend you have an 3 to 6 months expenses. So if you were to stay where you're currently living which obviously that would increase what you get out on your own, but were talking about at least $2100 or if you would have six months expenses 4200 and that's before you begin saving for the house because that's money we don't want to put down the house over the condo whatever it is you're looking out townhouse we want to keep that available for you to have for the unexpected. But once you have that in savings then it's a matter say okay what can I afford.

What can I put into my budget and with a part-time income, you know, that's good to be a challenge because obviously whether it's rent or mortgage that's can add quite a bit to your budget every month and so I think next step is to start looking for full-time work, but I think at this point it's really not a matter of starting to look for a home because I think once you're ready to move out kind of on your own. You really need to be renting out I wouldn't be comfortable you taking on a big mortgage right now without having anything in the way of the down payment. Not to mention that we don't have any emergency savings built up so I think your next step is try to look for full-time work. Try to save that $2500-$5000 in emergency savings and then get your income up such that you could afford the rent payment and the expenses that come with that and then live modestly so you can save for that down payment because when you're ready to buy a house of love free to put down 20%. In general don't have to leave you with that because were pretty much out of time here for today but thank you so much and we will pray that God gives you wisdom and direction as you move forward with this but do make sure that you save up a bit more for that down payment.

Thanks so much, and without going to have to put a bow on it for today Rob anything else that you want to mention in an old 20 seconds or so. While I would say two things. The number one why do we do a program on money every day on the Moody radio network, and I would just say it's because God God's word is so much to say about this topic and we need to heed the counsel of Scripture recognizing he's the owner and where the manager and the second thing I would say is if you haven't downloaded the moneywise that do it today you get in the Apple Store the Google play store or you can go to app.moneywise.org yeah were excited about the app because it is so easy to understand. It's going to help lots of people that can certainly help you and your family members as you try to work through your finances, whether it's saving for a house, a car just putting your finances, your money under under God's of umbrella and that we can help you with that and just visit our website moneywise live.org searcher on there you'll find that brand-new moneywise app want to thank our technical crew today. Clara, Amy, Dan, and of course Jim Henry. We also want to remind you that moneywise live as a partnership between Moody radio and moneywise media. It's also a partnership between us and you if you'd like to make a donation of any size we be blessed and honored by that. Just visit moneywise live.org.

Lots of great information there thing other things you can download a free resources and right up there at the top of the page you'll find connect should be right up to the top of the fake page you'll find the only moneywise live.O Archie thanks so much doing this again next