Archive for April, 2008
You Should See A Significant
You should see a significant change in your credit score for the positive when you pay your credit cards down with a mortgage refinance. Tags: mortgage, refinance, credit cards, mortgage refinance <BR/>
Typically Home Equity Lines Of
Typically home equity lines of 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. [...]
Consumers Who Have Just Been
Consumers who have just been 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. Tags: refinancing, Credit, consolidating, credit [...]
One Thing To Watch
One thing to watch 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 [...]
The Payment Has To Be A
The payment has to be a full 30 days late. A 30 day late on a consumer debt is damaging to your credit. However a 30 day late on a mortgage payment can be even worse. Tags: mortgage, mortgage payment <BR/>
Taking Advantage Of Refinance Programs
Taking advantage of refinance programs 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 + [...]
If You Are 30 Days
If you are 30 days 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. Tags: interest rate <BR/>
Using A Mortgage Refinance To
Using a mortgage refinance to 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. Tags: mortgage refinance, refinance, credit cards, mortgage <BR/>
If You Must Be L
If you must be l 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 [...]
Homeowners Who Need To Consolidate
Homeowners who need to consolidate 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 [...]
