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Wednesday, March 14, 2007


As Dave Ramsey would say, if you consolidate all your debt on a 2nd mortgage you have now put your house at risk and you still have not changed your spending habits. You need to learn to spend less than you make and start paying off your debt. Howard, it is you that got me hooked on Dave Ramsey and I am so thankful for that. I now know that we can escape the corporate world once our son is out of highschool.

Great post. This is the best explanation of what not to do in mortgages I have seen. You took out all of the shaft and put the meat of it right on the table. Thank you.

2 words..... flu shot!

It's saved me every year since my first in 1998 (the year I also quit smoking).

Good info on mortgages Howard, now would you please unravel the mystery of rv dealer sales and financing? We talked to a dealer about a new rig and felt like we needed a crystal ball to tell us how bad the deal really was. It was that firat contact deal, "oh this is your best deal and this interest rate is good for today only, yada, yada, yada.

Sure hope you get feeling better Howard. GREAT mortgage info, thanks. I'm with Brenda, how about rv financing. We don't plan to go into retirement with debt but information about rv financing could help a lot of others.

Any deal that is for today only is a deal you walk away from. Our hard fast rule is "We always sleep on any deal at least over night. If it is for today only.....I guess it is not for us. Bye"


I agree with Marrianne. Any deal that's "just for today" is definately a "scam".
I have a son-in-law who fairly recently got into selling used cars. I was absolutely shocked and amazed how truely unethical and dishonest most of the "deals" are. Most are simply out and out ripoffs.
To be honest, I wouldn't make a major purchase of a motorhome or 5th wheel without running by an attorney. It's a major life purchase, and the small amount of money spent for legal advice would be well worth it for me.....
Howard, hope you feel better!!


I just called the leinholder on our RV to get the payoff and to find out if there is a penalty for paying off early. To my surprise there is a charge of $75 or 1% of the loan balance at the time of the payoff whichever is the highest. It is not going to stop me from paying it off but I was surprised. This is for the life of the loan. Good thing it isn't alot. Cash is the best way. Hopefully that will be how we pay for our fulltime rig!!!

Howie, I printed this off to show some stupid people I know as you explain it far better than me.

Howard - Your comments about the markup on mortgages are spot on. In the RV loan world, things are slightly different in that we don't charge closing costs and there are no prepayment penalties. We do make a fee on the spread, but nowhere near the fee earned on sub-prime (no winks necessary!). If you wouldn't mind, could you post a link to my site?
Thanks, Alan Swimmer

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