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Bad Credit Mortgage Refinance
Bad Credit Mortgage Refinance
If you are looking to refinance your mortgage but believe you
will be unable to because your credit may be challenged by late
payments, bankruptcy, charge off's, or unpaid medical bills to
name a few, don't...
Chase Credit companies can help you with almost anything you need financially
Chase Credit is an important company if you're thinking about starting any sort of a credit reporting company. The reason for this is that this company offers all the technology that you need at a price that your business should be able to afford....
Disputing Credit Reports--What You Need to Know
Provided by http://www.nationalcreditrepair.info
Managing credit often becomes complicated when details are lost,
confused, unknown or when there are disputes on personal credit
reports. Many times there will be errors with purchases...
Home Loans – Repair Your Credit Before You Buy
Before you take out a home loan or make any major purchase, you should be aware that any prospective lender will want to take a look at your credit report. Your credit report is a record of all of your past financial dealings, and any loans, credit...
Home Mortgage Loans For People With Bad Credit - 3 Ways To Improve Your Chances For Getting Approved
Finding home mortgage loans are a reality for people with bad credit. By tapping into online home loan resources, you can find financing to buy a home. While adverse credit limits your chances with traditional lenders, the following three ways will...
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Total Cost Of Credit vs Monthly Payments
I read a press release the other day which points to the fact we need
to be very careful with our finances. The subject of the release was
home mortgages. A company was announcing the availability of
40 year mortgages for its customers. The stated purpose was to
lower the monthly payments to make buying a home more affordable.
Whenever I hear the phrase “more affordable”, I put my hand on my
wallet because the attempt to empty it will begin any moment. Almost
never is that phrase used in relation to the total cost of financing. It is
always used in reference to the size of the monthly payment, as in this
example.
Let’s see what it really means. I did the math. A mortgage for a
$100,000 home at 6% for 30 years would have a monthly payment
of about $600 for principal and interest. You would pay about
$216,000 over the life of the loan of which $116,000 would be
interest..
A mortgage on that same home for 40 years would be at 6.25%,
with a monthly payment of $565. The payments over the life of
the loan would total about $271,200 and $171,200 of the total
would be interest.
The forty year mortgage has a higher interest rate (usually
between.25 and .50 percent) because the lender has his
money at risk for a longer time (Lenders are well aware that
time is money. You should be as aware).
This higher rate coupled with the extra ten years of the loan, has
the borrower paying 47% more interest, or $55,000 more over the
life of the loan. Even with a lower payment that supposedly makes
it more affordable to purchase that home. Sounds like a pretty
good deal for the lender.
Another problem the borrower faces is building equity much
more slowly in the beginning of the loan. The extra interest
expense paid for the extended length of the loan prevents equity
from building up quickly. All of this for a monthly payment that
is only $35 less.
You need to think in terms of overall cost and not just monthly
payments. The total cost is what you will give back to your
creditors. The focus on the monthly payment takes attention
away from the total amount to be repaid. You need to look at
this with any indebtedness, car payments, personal loans, credit
cards: figure the total cost, not just what you pay each month.
You'll begin to hear more about these loans I'm sure. Think long
and hard before you lengthen your indebtedness. The goal is to
become debt free and to do it as fast as possible. Advise your
families and friends to do the same.
About the Author
David Wilding has, for the past ten years, been trying to help people rid their lives of debt. Through changing their attitudes toward, and their acceptance of, debt in their lives, he has help many to reach the goal : living debt free. Visit his website http://www.debtattack.com.
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| An independent federal agency that supervises and insures 7152 federal credit unions and insures 4240 state-chartered credit unions. |
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| Credit - Wikipedia, the free encyclopedia |
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| DebtAdvice.org is a service provided by the Members of the National Foundation for Credit Counseling (NFCC), most of them known as Consumer Credit ... |
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| Credit magazine, corporate bonds, derivatives, structured credit ... |
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| CUNA: The Credit Union National Association |
| News and resource directory about credit unions. |
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| Credit/Debt Management - Tools and Advice for Managing Credit and Debt |
| Drowning in debt? Trying to improve your credit score? This is the place for you. Get real world information and tips, as well as the legal low down, ... |
| credit.about.com |
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