Hands in the Pot

Well I think I have gotten past the housing thing, but maybe I should
explain why this is a neat thing for those that do qualify. I
addressed an immediate concern in a comment, but I just thought I
should explain a little more.

We currently pay what is called mortgage insurance as do most if not
all people that buy a house with les than 20% down. This insurance
does absolutely nothing for the home buyer it is insurance for the
lender to get their money back if you fail to pay. So in effect you
are paying into nothing. This insurance is released when you pay your
loan down below 80% of the appraised value.

So one of the advatages to the credit is that it might get you out of
the insurance hole and dropping money into something that doesn't
benefit you at all. Another major point of consideration is the
interest savings by going with zero interest on $7500 rather than
let's say 6% interest. Per year that 6% ammounts to $450 which is
almost enough to pay the stimulus payment each year and instead of
paying into nothing (interest) and instaed into your loan and your home.

Concerning the title of my post one disadvantage to this route is that
there are more people to deal with and the government has their hands
in the pot but that can be lessen by putting the savings right back to
than as soon as possible even though applying savings to your actual
loan could lead to even more savings. Just some thoughts, but I
understand apprehension with more people involved in a sensitive
situation.

Gotta run
Super Guy
(on the move)