Comments on: What To Do With $7500 Homebuyer Tax Credit http://financefreelancelife.com/2009/03/13/what-to-do-with-7500-homebuyer-tax-credit/ Fri, 19 Mar 2010 13:56:41 +0000 http://wordpress.org/?v=2.9.1 hourly 1 By: Weekly Roundup: Inaugural Edition | Frugal Real Estate http://financefreelancelife.com/2009/03/13/what-to-do-with-7500-homebuyer-tax-credit/#comment-43571 Weekly Roundup: Inaugural Edition | Frugal Real Estate Thu, 16 Apr 2009 11:11:03 +0000 http://financefreelancelife.com/?p=1349#comment-43571 [...] What To Do With $7500 Homebuyer Tax Credit.  My cousin might be in the market for a new home soon, and this gives him something to chew on when trying to decide whether or not to take the $7,500 homebuyer tax credit.(@Mrs. Micah) [...] [...] What To Do With $7500 Homebuyer Tax Credit.  My cousin might be in the market for a new home soon, and this gives him something to chew on when trying to decide whether or not to take the $7,500 homebuyer tax credit.(@Mrs. Micah) [...]

]]> By: Roger http://financefreelancelife.com/2009/03/13/what-to-do-with-7500-homebuyer-tax-credit/#comment-41535 Roger Sun, 22 Mar 2009 05:56:21 +0000 http://financefreelancelife.com/?p=1349#comment-41535 Pretty good suggestions for any windfall; hopefully, the suggestions will help your readers who find themselves with some extra money. Pretty good suggestions for any windfall; hopefully, the suggestions will help your readers who find themselves with some extra money.

]]> By: Weekend Round Up- Selection Sunday Edition | Good Financial Cents http://financefreelancelife.com/2009/03/13/what-to-do-with-7500-homebuyer-tax-credit/#comment-41153 Weekend Round Up- Selection Sunday Edition | Good Financial Cents Mon, 16 Mar 2009 18:27:36 +0000 http://financefreelancelife.com/?p=1349#comment-41153 [...] What To Do With $7500 Homebuyer Tax Credit [...] [...] What To Do With $7500 Homebuyer Tax Credit [...]

]]> By: Melissa http://financefreelancelife.com/2009/03/13/what-to-do-with-7500-homebuyer-tax-credit/#comment-41083 Melissa Sun, 15 Mar 2009 14:54:21 +0000 http://financefreelancelife.com/?p=1349#comment-41083 I tossed 5k at my mortgage and the rest brought my emergency fund back to its appropriate level. There's nothing quite so satisfying as making a huge principal payment and dropping 5 years off of the life of my mortgage. I tossed 5k at my mortgage and the rest brought my emergency fund back to its appropriate level. There’s nothing quite so satisfying as making a huge principal payment and dropping 5 years off of the life of my mortgage.

]]> By: Michelle http://financefreelancelife.com/2009/03/13/what-to-do-with-7500-homebuyer-tax-credit/#comment-41019 Michelle Sat, 14 Mar 2009 13:45:42 +0000 http://financefreelancelife.com/?p=1349#comment-41019 I think that this is good advice for analyzing any "windfall" - I recently got a $7500 bonus for 2008 performance at work. While my EF is NOT at an appropriate level, I chose to pay off $5000 company loans which would be payable immediately if I were to be laid off. Though 2008 was a good year for my company, since January, 8 in my 50 person office have been let go. So I can't count on not being next...and having to pay that loan back tomorrow. Plus the cashflow definitely will help with building the EF - $350 per month will add to the safety net pretty fast. It took about a week of daily agonizing and about 18 conversations with my DH to determine this route - I wish your post had come last week and shortened our soul-searching analysis! I think that this is good advice for analyzing any “windfall” – I recently got a $7500 bonus for 2008 performance at work. While my EF is NOT at an appropriate level, I chose to pay off $5000 company loans which would be payable immediately if I were to be laid off. Though 2008 was a good year for my company, since January, 8 in my 50 person office have been let go. So I can’t count on not being next…and having to pay that loan back tomorrow. Plus the cashflow definitely will help with building the EF – $350 per month will add to the safety net pretty fast. It took about a week of daily agonizing and about 18 conversations with my DH to determine this route – I wish your post had come last week and shortened our soul-searching analysis!

]]> By: Frugal Urbanite http://financefreelancelife.com/2009/03/13/what-to-do-with-7500-homebuyer-tax-credit/#comment-40984 Frugal Urbanite Sat, 14 Mar 2009 04:58:28 +0000 http://financefreelancelife.com/?p=1349#comment-40984 Mr. and I just went through this and I wrote about it on my blog. Our solution is to put half of it into the emergency fund and throw the rest at our car loan (8% interest). I really wanted to turn around and send the money to our mortgage company (with instructions to pay off the principle) but right now we're more concerned with our monthly cash flow. Paying off our car loan will free up almost $250 a month which we can always choose to send off to our mortgage later. Mr. and I just went through this and I wrote about it on my blog. Our solution is to put half of it into the emergency fund and throw the rest at our car loan (8% interest).

I really wanted to turn around and send the money to our mortgage company (with instructions to pay off the principle) but right now we’re more concerned with our monthly cash flow. Paying off our car loan will free up almost $250 a month which we can always choose to send off to our mortgage later.

]]> By: Adventures in Amberland http://financefreelancelife.com/2009/03/13/what-to-do-with-7500-homebuyer-tax-credit/#comment-40942 Adventures in Amberland Fri, 13 Mar 2009 16:26:15 +0000 http://financefreelancelife.com/?p=1349#comment-40942 [...] I posed a question to Mrs. Micah: As a first-time homebuyer in 2008, I received a $7,500 tax refund this year. The deal is that the [...] [...] I posed a question to Mrs. Micah: As a first-time homebuyer in 2008, I received a $7,500 tax refund this year. The deal is that the [...]

]]> By: Amber http://financefreelancelife.com/2009/03/13/what-to-do-with-7500-homebuyer-tax-credit/#comment-40938 Amber Fri, 13 Mar 2009 15:45:46 +0000 http://financefreelancelife.com/?p=1349#comment-40938 Thank you so much for answering this question! Your thoughts are very helpful, and I think seeing it all laid out by someone else gave me an overview of which direction I should go. And I had never given the equity thing a thought. Thank you again! Thank you so much for answering this question! Your thoughts are very helpful, and I think seeing it all laid out by someone else gave me an overview of which direction I should go. And I had never given the equity thing a thought. Thank you again!

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