Comment

Comment by Mark on September 11, 2014 at 3:13pm

Most VA backed mortgages are taken out after the servicemember have left the service.  Frequent transfers are not an issue then.  I could not have made either of my first two home purchases without the VA backing, and I have made every payment due.

Comment by Cath Bubblehead mom on September 11, 2014 at 1:53pm

BunkerQB we can disagree on debt. We bought in 2004 and 10 years later our house still has not recovered from the housing crash. 

Service people who tend to be transferred frequently, being upside down on a property can become a burden.

Comment by BunkerQB on September 11, 2014 at 1:39pm

Don't knock the 100% financing -it's one of the benefits of being in/having been in the military; otherwise, it may take forever for some to save the 20% (typical requirement) for home purchases. My former sailor purchased a home with 5% down in 2012, got a loan at 3.875%, fixed for 30 years. He had the 20% (he is another one of those frugal types who drove our really, really old hand-me-down BMW to the ground). His equity has already gone up $200K. At the moment, the fixed rates are so attractive, I would recommend getting a loan amount as high as possible (and still feel comfortable with the monthly). Skip the fancy cars, jewelry, expensive toys and go after what matters in the long run.

Comment by Cath Bubblehead mom on September 11, 2014 at 8:25am

CO-TwinSailors - they do get a financial class, but that doesn't mean it sinks in! Unfortunately we live in a society where all the messages tell us "we deserve..." what ever, and to charge, or take out a loan for what we want. There are very few messages that say to wait and save up for what you want!

Even the VA loans allow for 100% loan on a house. It's crazy!

Comment by Cath Bubblehead mom on September 11, 2014 at 8:22am

bcgoldy - it wasn't on FB, but on this forum. If you scroll to the top of the page - look on the left and you should see the friend request.

Comment by CO-TwinSalorsMom on September 10, 2014 at 11:19pm

I thought they do a financial class will all sailors. Mine each had one.

Comment by bcgoldy03 on September 10, 2014 at 9:54pm

Cath Bubblehead i saw that in my email notification but i couldnt find it on FB so couldnt figure out how to reply?? Sorry for the techno backwardness ...

Comment by scubagirl on September 10, 2014 at 2:52pm

William, you have a very smart son.  I have always said to our high school counselors instead of being required to pass PE for the 5th time that all Jr. or Sr's should have to take Finances 101 and pass before graduation.  I worked in a bank and you would not believe the number of young adults that came in to open accounts and could not even balance a checkbook.  I feel the course should have budget making, planning for the future with investments and saving, balancing a checkbook and the things a young adult needs to know.  These kids go off to college or go out into the work force and have no idea about money and budgeting.  Our son was tight with his money when he lived at home, because he had mom and dad to buy everything.  Once he  got out on his own he forgot about saving.  He does enjoy the finer things in life and he has not had to want for anything.  We did a disservice to him by giving him everything.  I hope I have not given the impression our son is horrible, because he is not.  He is just immature in his thinking, a little self centered and finding himself.  I say he is 22 but really he is only 20 in maturity.  It is hard since I was always very tight with my money and saved to buy anything I wanted as a teenager.  I married at 18 and lived on a tight budget.  At his age I had my first child and really found out about saving money.  Thank God I did since I became a single mom after 10 years of marriage.   I think that is why my older two are more conservative.  They saw there mom struggle to make ends to meet. My sailor was born later and I had remarried and money was much more plentiful.  I know my son will do fine and we have raised him correctly. This experience will make him and us a stronger person.  So glad he is in the Navy and look forward to seeing him grow into a smart sailor.  

Comment by Cath Bubblehead mom on September 10, 2014 at 1:27pm

bcgoldy - I sent you a private message - don't know if you got it!

Comment by LoriM (div 337--Kevin's submom) on September 10, 2014 at 1:13pm

William, wow that is great.  I think they should all have to take the financial planning course.  Even if some are smart with their money just knowing what other options you can do to save money for the future. 

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