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Debt advice in Birmingham
Jane was a fun loving girl from Birmingham, you could say she lived for today. She wanted all the latest fashions and gadgets and certianly was not afraid to use her credit card to pay for them.
She had a weird philosophy on life. For some reason...
Debt Consolidation Benefits
If you’ve ever been in a situation where you needed money that you didn’t have, you probably already know about loans and credit cards. Here is a brief Explanation on What both are: Loans A loan is a type of financial aid which must be repaid,...
How to Figure Debt to Income Ratio
Ever wonder how to figure out you debt to income ratio? Lenders use your debt to income ratio to help them evaluate your creditworthiness and debt load.
Mortgage lenders use your debt to income ratio to calculate what percentage of your...
Is Debt Negotiation Bad? Points To Consider
Debt negotiation companies that claim they can wipe your credit
clean or guarantee they can reduce your debt are bad because
they can't deliver. But reputable companies can negotiate with
your creditors, often reducing your debt 10% to 50%. They...
You Don't Have To Declare Bankruptcy To Deal With Your Debts
Considering filing bankruptcy? If your finances are in ruins and you're considering filing bankruptcy, there's a few things you should know. Bankruptcy is not your only option. Millions of people credit is devastated by bankruptcy every year....
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Debt Consolidation Mortgage Loan - Pros And Cons
Debt consolidation mortgage loans can help you lower your
interest rates and monthly payments. With reduced rates, you can
also pay off your debt sooner. However, reducing your equity
could subject you to private mortgage rates. You may also end up
spending more on interest payments by delaying payments.
Saving With Mortgage Interest Rates
Mortgage interest rates are much lower than credit card or
unsecured loan rates. Consolidating your debt with a refinanced
mortgage or home equity will reduce your payments simply by
having a lower rate. By paying the same monthly payments, you
can pay off your debt rapidly.
Your interest is also tax deductible with a mortgage or home
equity loan, where your credit card interest isn't. Student loan
interest is also tax deductible and shouldn't be consolidated
for a higher rate.
Reducing Your Payments
Consolidating with a loan also allows you to reduce your
payments by picking longer terms. So if your income is reduced
or you have other financial obligations, lengthening your
payments can give you some breathing room in your budget.
Paying More In Fees And Interest
The cost of a mortgage can be more than what you are paying in
interest charges if you
have a small amount of debt. To
refinance a mortgage, origination fees can add up to thousands.
Other types of home equity loans can cost hundreds or nothing to
open. You may also have to pay private mortgage insurance
premiums if don't leave 20% of your equity in tack.
Delaying payments can also add up interest payments, even with a
lower rate. For example, a loan amount of $10,000 will cost
$11,587.10 in interest for a 30 year loan at 6%. That same
amount will cost $5,896.71 for a 5 year loan at 20%, which is
what most credit card payment plans are like.
Deciding To Pay Down Debt
Consolidating your high interest credit can help pay off your
debt by providing structured payments. You can also lower your
interest rates, making repayment easier. However, be aware of
the costs and shop around for low rates and fees. To get the
most out of a consolidated loan, choose short terms to avoid
making large interest payments.
About the author:
Carrie Reeder is the owner of http://www.abcloanguide.com, an informational website about various types of loans. View
her recommended Online
Debt Consolidation companies.
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