RSS…work out a cost analysis breakdown for you to show you the pros and cons of refinancing your first mortgage to consolidate your debt versus taking out a second mortgage or home equity line of credit to consolidate your debt. One advantage of a home equity line of credit is that many times you can obtain one without any closing costs at all. In the right situations this can be very beneficial to a consumer instead of paying the closing costs on a first mortgage, especially if there is any chance of not keeping the loan very long or moving.
Archive for April, 2008
Also if you choose…
April 30th, 2008 by admin | No Comments | Filed in Uncategorized…to consolidate your bills you typically will have a savings each month and sometimes you can save hundreds of dollars. Now if you take this amount or even a portion of the savings and apply it to the principle of your new loan you can pay that loan down much faster. One extra payment per year can shave almost 10 years off of a 30 year mortgage.
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loan, mortgage, paymentInterest rates on mortgages are…
April 29th, 2008 by admin | No Comments | Filed in Uncategorized…much lower than those on credit cards. The interest on mortgages is also tax deductible which means you save even more when comparing to the interest on credit cards.
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credit card, interest, mortgageTags: credit card, interest, mortgage
For a free consultation regarding…
April 29th, 2008 by admin | No Comments | Filed in UncategorizedConsolidating debt with your first…
April 29th, 2008 by admin | No Comments | Filed in Uncategorized…mortgage generally will improve your cash flow situation, particularly if you can lower your first mortgage a bit in the process.
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mortgageTags: mortgage
The new regulations on…
April 29th, 2008 by admin | No Comments | Filed in Uncategorized…the minimum credit card payments will have a dramatic affect on many credit card users. People who typically have a payment of around $150, can now expect that payment to be as high as $350.
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credit card, paymentTags: credit card, payment
The average American household with…
April 28th, 2008 by admin | No Comments | Filed in Uncategorized…one or more credit cards carries a balance of approx. $9500 dollars. An increase to the minimum monthly payment can impact one’s budget severely. It is wise to seek advice from a mortgage professional if this is the case.
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balance, credit card, mortgage, paymentTags: balance, credit card, mortgage, payment
You can consolidate your debt…
April 28th, 2008 by admin | No Comments | Filed in UncategorizedIf you feel that making…
April 28th, 2008 by admin | No Comments | Filed in Uncategorized…those higher credit card payments will be harder to accomplish each month, try negotiating with your credit card company to lower you interest rate. If you have been a loyal customer with on time payments, you may be able to leverage that in your negotiations.
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credit card, interest, paymentTags: credit card, interest, payment
Don’t use a home equity…
April 27th, 2008 by admin | No Comments | Filed in Uncategorized…loan as a way to manage your outstanding debt. Instead, use it as a way to eliminate your debt entirely. Find a good mortgage broker that will show you how to use your monthly savings to pay off all of your debt, including your mortgage, in a much shorter period of time.
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debt, loan, mortgage, refinanceIn today’s rising rate…
April 27th, 2008 by admin | No Comments | Filed in Uncategorized…environment, Home Equity Loans, Lines of Credit and other short term interest rate-linked forms of financing are increasingly risky liabilities to have on your credit and your home. Consider consolidating all of your revolving and secondary debts into a single loan.
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debt, interest, loanYou should see a significant…
April 27th, 2008 by admin | No Comments | Filed in Uncategorized…change in your credit score for the positive when you pay your credit cards down with a mortgage refinance.
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credit card, credit score, mortgage, refinanceTags: credit card, credit score, mortgage, refinance
Typically home equity lines of…
April 26th, 2008 by admin | No Comments | Filed in Uncategorized…credit are reported as revolving debt if the loan amount is under $50,000.00 (check with your local lender guidelines). Most home equity lines of credit are also interest only payments that adjust on a monthly basis which may make things even more difficult for a homeowner over the long run.
In that case, refinancing your debts into one mortgage may make more sense than obtaining a high interest, fixed rate second mortgage or a home equity line of credit.
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debt, interest, loan, mortgage, payment, refinanceConsumers who have just been…
April 26th, 2008 by admin | No Comments | Filed in Uncategorized…paying minimum credit card payments should prepare for an increase. The new regulations for the minimum payments are starting to be felt by many consumers. If you are having trouble making your payments you may want to consider consolidating those debts by refinancing your home.
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credit card, debt, paymentTags: credit card, debt, payment
One thing to watch…
April 26th, 2008 by admin | No Comments | Filed in Uncategorized…out for. Many home equity lines of credit will report on the borrower’s credit report as revolving debt rather than mortgage debt. This can often cause a substantial detriment to a borrower’s credit score. Feel free to call me and I can help you determine how your HELOC is reporting. If it is reporting as revolving account, you should insist that the lender report it differently or refinance out of it.
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credit report, credit score, mortgage, refinanceTags: credit report, credit score, mortgage, refinance
The payment has to be a…
April 26th, 2008 by admin | No Comments | Filed in UncategorizedTaking advantage of refinance programs…
April 26th, 2008 by admin | No Comments | Filed in Uncategorized…which allow you to consolidate your debts and modify the rate and term of your first mortgage, such as adding a minimum payment option, can allow you to really boost your cash flow or focus your finances. We have had customers who were paying 2500 a month in mortgage + credit card and car payments drop down to making one minimum payment of 1100 dollars a month after debt consolidation refinancing. In the same situation, a second mortgage would have only reduced their total monthly spending to 2150 a month.
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credit card, debt, mortgage, payment, refinanceTags: credit card, debt, mortgage, payment, refinance
If you are 30 days…
April 26th, 2008 by admin | No Comments | Filed in Uncategorized…late on any payment this will affect your credit score and it can adversely affect the interest rate that you get if you are trying to purchase or refinance.
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credit score, interest, payment, refinanceTags: credit score, interest, payment, refinance
Using a mortgage refinance to…
April 26th, 2008 by admin | No Comments | Filed in Uncategorized…consolidate your debt can be prudent because on interest mortgage debt is tax deductible. Consolidating your debt with non-deductible interest like credit cards or auto loans can lower your payments and increase your deductions.
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credit card, debt, interest, loan, mortgage, payment, refinanceTags: credit card, debt, interest, loan, mortgage, payment, refinance
If you must be l…
April 25th, 2008 by admin | No Comments | Filed in Uncategorized…ate on a payment, don’t let it be your mortgage. Next, if you must choose which credit payments to be late on, it is best to have the fewest number of late payments. So, it would be better to be late on a $200 credit card payment than late on two credit card payments totaling $200, such as a $120 payment and a $80 payment.
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credit card, mortgage, paymentTags: credit card, mortgage, payment
Homeowners who need to consolidate…
April 25th, 2008 by admin | No Comments | Filed in Uncategorized…their high interest unsecured debts often wonder what is the best way of doing it. Is it best to refinance your first mortgage or take out a second mortgage or Home Equity Line of Credit?
Recent increases in the Prime Rate have made the Home Equity Lines of Credit much less attractive than they were a few years ago.
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debt, interest, mortgage, refinanceSince the minimum payment on…
April 25th, 2008 by admin | No Comments | Filed in Uncategorized…credit cards will rise very shortly, it is important that you read the back page of your bill. This will disclose its late payment policy and the affiliated cards that a late payment will affect.
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credit card, paymentTags: credit card, payment
Making late payments on…
April 24th, 2008 by admin | No Comments | Filed in Uncategorized…credit cards should be avoided at almost all costs. The mistake many homeowners make is waiting too long after credit card balances get out of hand before taking action. The late payments of course have a very negative effect on the cardholders credit score which could make any future refinance or debt consolidation efforts either more difficult or most costly.
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balance, credit card, credit score, payment, refinanceTags: balance, credit card, credit score, payment, refinance
Take a moment before…
April 24th, 2008 by admin | No Comments | Filed in Uncategorized…meeting with a mortgage consultant and write down what your purpose is for a loan. How long do you want to stay in your home? Do you foresee any repairs or additions in the near future? Do you want to consolidate any debts? When you explain your needs to your mortgage professional, they can then find the best program for you.
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debt, loan, mortgage, refinanceWhen you are looking to…
April 24th, 2008 by admin | No Comments | Filed in Uncategorized…buy or refinance a home there are many home financing options available to you. You can choose between fixed rate mortgages, adjustable rate mortgages, interest only loans, 30 year, 40 year, 50 year, 20 year, 15 year mortgages, full income documentation loans or stated income documentation loans, and many, many more choices. There are loans out there for just about everybody. Consult an expert, knowledgeable and licensed mortgage professional now to find out what home financing options you have available.
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interest, loan, mortgage, refinanceIf you have a good history…
April 24th, 2008 by admin | No Comments | Filed in Uncategorized…of being on time with your payments your credit card company may forgive a single late payment by not reporting it to the Credit Bureaus. This is entirely optional, so don’t expect to be forgiven subsequent late payments.
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credit bureau, credit bureaus, credit card, paymentTags: credit bureau, credit bureaus, credit card, payment
Consumers beware! Most people know…
April 23rd, 2008 by admin | No Comments | Filed in Uncategorized…that paying your credit card bill past the due date will effect the interest rate on your card. The more times you pay late the higher your interest rate will climb until it reaches the legal maximum.
But what many consumers are not aware of is that if you have several credit cards that are related to or affiliated with the same parent company, when you are late on a payment to one card it will affect the interest rate on ALL your cards.
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credit card, interest, paymentTags: credit card, interest, payment
Making sense of the…
April 23rd, 2008 by admin | No Comments | Filed in UncategorizedHome financing can be obtained…
April 23rd, 2008 by admin | No Comments | Filed in UncategorizedMany parents will refinance and…
April 23rd, 2008 by admin | No Comments | Filed in Uncategorized…use the equity to payoff there children’s credit cards after a college graduation. Often its done as a reward and a way to give the child a fresh start.
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credit cardTags: credit card