Posts Tagged Mortgage Payments
Refinancing Before Your Credit Score Turns Bad
Many of us are struggling just to make payments. Our jobs are not paying enough for our expenses and we have cut back on the incidentals as well as the luxuries. Now it is time to refinance your mortgage. Refinancing your mortgage to keep your credit score from becoming bad or fair is important. You may even wish to refinance before cutting your luxuries. The point is you can refinance to save your credit scores if you do so before you make late payments to the loan companies and credit card companies. Head off the problem before it gets out of hand.
So to refinance you will need a credit score of 660 or higher. Seek a company that can help get old credit information of your credit report. It can be a quick fix company as long as you can get the loan in six months are less. When you are refinancing to save your credit score make sure you are getting a lower interest rate.
There are fees associated with refinancing so you will want to try for a fixed rate mortgage. If the interest rate is not low enough for you to save your credit scores and thus help with your mortgage payments you may look for a FHA loan or interest only loan. An interest only loan will have a cap.
You may find a loan that will have an extremely low interest rate for the first three years or maybe just for a year. If you can get a better interest rate for three years go for it. The idea is to lower your monthly mortgage payment so that you have more income to put towards other loans, credit card debt, and your expenses. If, you can save a little money in the process of refinancing that is great.
Herbert
7 Steps to a 720 Credit Score: Part 2
Available to the public, the system is also used by real estate agents, mortgage brokers, investment advisors, and accountants across the nation to help borrowers save money, qualify for the best loans, and reduce interest payments. An expert in residential home financing, Philip X. Tirone has a unique background in difficult-to-obtain loans, having started his career working with borrowers with stated incomes and/or poor credit scores. With this foundation, he became a specialist in the credit-scoring process, authoring the book, 7 STEPS TO A 720® CREDIT SCORE, as well as the bestselling workbook, APPLYING THE 7 STEPS TO A 720® CREDIT SCORE. Philip is the founder of the Mortgage Equity Group (the MEG) and specializes in educating borrowers and helping them increase their credit scores so they qualify for the best loan programs available. The MEG is a non-traditional mortgage company composed primarily of team members committed to providing each homebuyer with specialized time and services unique to his or her needs, complementing traditional mortgage services with innovative programs aimed at reducing mortgage payments and maximizing buying power. Philip’s commitment to educating homebuyers prompted him to create the 7 STEPS TO 720® LICENSING PROGRAM FOR PROFESSIONALS in which he trains other mortgage planners and industry professionals on consistently outperforming the market by helping clients improve their credit scores. As well, he established the 7 STEPS FOUNDATION …
Ronnie