Namely, buying a house.

TRON said:

Good luck! Homeownership is a GREAT thing.

Finishing my screenplay I've been workin' on 4 what seems like yrs and workin' on the soundtrack. I'm going 2 make it a home made video with my webcam just 4 practice. I want 2 write, direct it and produce it, instead of tryna 2 sale it 2 hollywood. They'll never give my charectors justice in the way I would want it.

madartista said:

Thanks. Tell me more.

TRON said:

I bought a small place in a Denver neighhood in 1997. I lived in it for about 2 years before I moved to L.A. At that time, I took out a second mortgage to help finance the move. I rented it out to cover the mortgage. I'm now back in Denver, and back in the house, so I am able to refinance as an owner-occupied property. I did that about 2 weeks ago. Overnight I went from up to my eyeballs in debt, to having all my bills paid off and rolled into a mortgage payment that is less than what my total monthly debt was before. I was also able to make a sizable downpayment on a new car (which I needed), and still have a cushion of cash. It's like free money, especially since someone else paid the mortgage for 4 years!


on this type of deal are you able to do it without paying any cash for closing costs (roll it into the loan)
How are they about absorbing unsecure debt like credit card debt, or do they not care, just let you use the equity however?
It's hard to go wrong with real estate, if you plan to keep it long term.

DigitalLisa said:

that's kinda my plan with my screenplay. i'm going to shoot on DV so that I can do it the way I want!

good luck!

madartista said:

paintsprayer said:

The closing costs were rolled into the loan.

The automated underwriting system, which is the industry norm for approvals now, will dictate how/if debt is paid off. In my case, it picked only one of my many debts and said that one had to be paid off at closing. All of my debt was unsecured. After closing, I got a check made out to me that I was free to spend however I chose.