I guess we must be having fun (time flies when you’re having fun) since it’s already been 3 years since we purchased our first home and we’re now getting ready to renew our mortgage. It seems that entrepreneurs (people who don’t have a real job ) will continue to get the shaft from banks. Without a weekly pay stub to show the banks, when we originally got the mortage we not only had to have a much bigger down-payment than what’s normally expected, we also had to settle for a mortgage with a high interest rate. We’re finding the same thing again, even though Caron does have the “Pay Stub”!

The Good..

Though we do have credit card balances, we make it priority to always pay on time so our credit card report shows no late payments or anything negative.

The Bad…

Student loans follow you to your grave Get it paid as soon as you can since it will never go away and will affect your credit score.

Advice…

If you have huge credit card debts, you may want to consider getting your mortgage broker to include those debts into your new mortgage… like a consolidation loan. Though it will mean a longer term on your mortgage, if you consider the interest charged by your credit card company compared to the interest on the mortgage, you’ll find one will be a lot less. Wanna guess which one has the lower interest rate?

The key to a great mortgage or getting help with credit card debts is to get professional help. We’re lucky to have someone who’s willing to listen to our needs and goals to help us get debt free (except for the mortgage) by Jan 1 2007.

Time to find the money to pay off the taxes we owe to the federal gov’t yea.. entrepreneurs continues to get the shaft!

Have a great Thanksgiving with your family and loved ones.