Mortgage rates fall even lower Chattanooga Times Free Press
After watching for two years, Jennifer Garrison knew Thursday afternoon was the time to act.
Her 6.125 percent mortgage rate was a good deal back in 2002 when she bought her Cleveland, Tenn., home, but as the stock market shot up and down this week, mortgage rates declined to historic lows.
The dental hygienist got a call from her broker Thursday saying that she could lock in a 3.875 percent rate, consolidate her two mortgages and pay $100 less each month.
“I couldn’t celebrate too much because I had a patient sitting in the chair,” she said. “All I could do was get up from my patient and say, ‘Yes, lock it in.’”
With a son about to transfer to an out-of-state college, the extra savings will be a help, she said, and when considering business growth in the area and her steady job, she’s not worried about the economy or the stock market.
“It’s up and down all the time and you just can’t worry about it,” she said. “I hate to say I’m glad the stock market went down, but it helped.”
What to do about student loan consolidation?
Question by sweetdream319: What to do about student loan consolidation?
Hi all. I graduated college last May and will begin repayment on my loans starting in November. I have 7 federal student loans, totaling about $ 62,000 and 1 private student loan totaling about $ 8,000. Many places are not offering federal student loan consolidation any more, and I only have one private student loan so it doesn’t make sense to take out a private consolidation loan. As of right now, my payments are going to be about $ 800 monthly starting in November. I can’t afford that! What can I do?
Best answer:
Answer by Yareli
Practically any type of loan can be wrapped into the debt consolidation process. Common types include finance charges, late fees and overdraft charges, credit cards, personal loans, utility bills, medical bills, car loans, store cards, gas cards and back taxes. A debt consolidation loan allows you to condense your monthly payments into a single, simple bill, while lowering your interest rates and helping you pay down your debts more quickly and easily. It is also an essential tool in avoiding the much more serious step of declaring bankruptcy.
http://best-loans.awardspace.com/Loan-Consolidation.htm
Unlike bankruptcy, in which debts are cancelled and your credit rating collapses completely, debt consolidation loans are essentially a type of refinancing, where several old loans are replaced with a new one that has more favorable terms. Your loan consultant will negotiate with creditors on your behalf, so you’ll no longer have to deal with harassing phone calls and daily mail.
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school loan consolidation - Consolidate your student loan quick and easy!
school-loans-consolidation.net If you have a knowledge about what is student loan consolidation, what different kinds of loan are available and ...
Should I refinance and consolidate loan for rental property and MIL home?
We have a small rental property (6% interest) and we signed for our MIL a home (8%, but she pays us for the monthly payment). We know that if anything happens to her, we would be responsible for the balance, or we could turn it into another rental.
With the current rock bottom rates and the fact that we have 30% equity in our home, should we refinance to combine all these into one large payment?
Nope. You cannot combine loans for two seperate properties.
should i consolidate another loan into my auto refinance loan?
i am refinancing my current auto loan. i have a lot of equity in my car, so i was told that if i wanted to, i had the option of using that equity in my car to pay off a current student loan and consolidate it into one with one interest rate. my student loan amount is around $7,000 with 12.5% interest. the interest rate is lower on the auto refinance loan, and i would have it payed off in a shorter period, plus it's a fixed rate so i am guaranteed it won't raise over time. my question is, would it be a smart decision on my part to use the equity in my car to do this? it sounds a lot better to me having the lower interest and having this paid off in 4 years rather than the 10 more i have to pay on it, but i'm really unsure which move to make. someone out there that is smart in this kind of thing please give me some input on the advantages, or disadvantages to using my equity for this. thanks in advance!
Should I refinance Home Equity loan to consolidate credit card debt (I am buying a new house in 120 days)?
Consider this:
1. I have $30k in credit card debt.
2. I have a 1st mortgage for $200k (4%) and a Home Equity line of $170k (at prime rate) with no additional credit available.
3. I am buying another house at the end of April.
Would I be better off refinancing my Home Equity and Credit Cards into a new Home Equity loan, or just stick with it as is?
I have heard that I may be able to get better rates on my loan for my new house if I refinance. Could this be true?
Thoughts? Opinions? Alternatives?
You don't mention how much equity you have left in the home, but lets assume you have some equity. You would not want to "max out" your equity. Save at least 5-10% since you are going to be buying another home soon. Now if you have equity left to refinance your equity loan & pay down some credit cards, by all means do so. To best improve your credit score, pay off what you can, but at least reduce each credit card so that you have some available credit if any are at or near their limits. These are important factors in credit scoring and will get you a better rate on your new home. Its best not to close the cards that you pay off. Having that available credit will help your score. Close the cards after you secure your new home loan. Good luck!
Is it better to refinance or, do a Home Quity Loan to consolidate bills and do repairs to my house?
I have a 7.125% APR.....30 years....have been paying about 8 years......and have about 30-40k in equity?
A lot of your question depends on what state you live in ex Texas limits your equity to 80% LTV in CA you an go to over 100% LTV in equity loans. The question about taking out equity to pay off debt is a unique one. While i usually suggest not doing so it all depends on your certain situation. For example you can deduct the interest from your home loan but not from credit card debt. while your rate is high this could be due to some credit issues. You need to do some research. Go to www.mortgage-X.com as a resource. At any rate, a refi will cost you money and you need to determine the recapture time. A Home Equity Loan or HELOC will be done for free yet you'll have a high rate currently at 8.25%.
You shouldn't roll any other bills into this though. That will just get you deeper and deeper into debt.
Best is to pay cash for repairs as you can afford them, unless it is detrimental to let repair go unchecked.
home equity loan is just a high interest loan using your house as bait!
I'm a recent college grad looking to consolidate/refinance my student loans. What company should I do this w/?
My loan is currently with Wells Fargo and the interest rate is higher than most mortgages. Is there a place to find a more competitive interest rate? Thanks!!
Direct Loans is where I have mine - it's a program w/ the federal government and so far so good - decent interest rate, good service and my total actually seems to be going down finally!
Here is the main site:
http://www.ed.gov/offices/OSFAP/DirectLoan/index.html
Good luck!
How can one refinance a student loan if it is already consolidated?
How come one can refinance cars, houses, loans, etc, except student loans. You get a consolidated rate versus refinancing a student loan
You can, I get offers from banks all the time, just be aware that you'll lose some of the priviledges such as a forbearance, etc.
What is the best way to consolidate my debt? I have a mortgage and want to refinance,add my debt to new loan?
I have a $530,000 all-interest mortgage loan. I am interested in refinancing soon, (if it is a good time to do so?) Should I refinance and add my $15,000 of personal debt to my new loan? Or should I get a personal loan for $15,000 from my bank?
It might be hard refi-ing a jumbo loan these days.
Getting additional cash out might be impossible and a very bad idea to begin with.
personal loan= no bueno, looks bad on credit like BK
Rolling your debt into the mortgage is not a bad plan, IF, you are not going to run the debt up again.
If you can overcome those problems, then it's better to do it in a refi, or maybe a second. In both cases you would be able to claim the interest as tax deductible.
http://badcredits.awardspace.com/Loan-Consolidation.htm
Unlike bankruptcy, in which debts are cancelled and your credit rating collapses completely, debt consolidation loans are essentially a type of refinancing, where several-->old loans are replaced with a new one that has more favorable terms. Your loan consultant will negotiate with creditors on your behalf, so you’ll no longer have to deal with harassing phone calls and daily mail.
Where is the best place to Refinance student loan?
I Would like to refinance my student loan and maybe consolidate it.
What are my best options and the best banks. By the way i have a personal loan .
Does anyone know?
Yes I do know a place, I just got a loan myself
How do you refinance or consolidate student loans?
Understand the difference between a consolidation loan, a debt management program, and debt negotiation. Companies that claim to be able to help you lower your payments or get out of debt quickly may appear to be offering consolidation loans--they may even have the word "consolidation" in their names--when in fact they use methods such as debt management, settlement, or even bankruptcy. There are major differences between these options.
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A consolidation loan is simply a loan that pays off your other loans. Once you consolidate a loan, you owe that money to the new lender, not to the original creditor. A consolidation loan may lower your monthly payments, either by reducing your interest rate or by extending the length of time for repayment, but it pays off the other creditors completely. Consolidation loans may temporarily blemish your credit, but generally to nowhere near the extent of debt management programs or debt negotiations.
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Debt management programs may also reduce your payments, but they work differently. A debt management agency acts as a middleman between you and your creditors and tries to negotiate a reduction in the interest rates or fees on your loans. You then pay an agreed amount to the debt management or credit counseling agency, and they disburse the payment (usually minus a fee) to your creditors. Participation in a debt management plan usually shows up on your credit report, and may adversely affect your credit rating.
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Debt negotiation is the act of settling a debt for less than what you owe. You pay a part of what you owe to a creditor, and the creditor writes off the rest of the debt. Credit card companies often offer lump-sum settlements as a way to recoup part of their losses. While you end up owing less, a settlement will bruise your credit, badly. Worse still, third-party companies that offer debt negotiation have been known to disguise their practices as consolidation, and these companies frequently charge exorbitant fees while simply passing along payments to your original creditors, sometimes failing to even negotiate any difference in your repayment terms.
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In order to consolidate your loans, ALL you have to do is call the LENDER (whatever bank you took it from). If you don't know, you can call the financial aid office @ the school where you took out the loan and ask them the name of bank.
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STEPS to refinance your student loans (AFTER you have consolidated your student loans)
STEP 1:
Make sure your credit is in good standing. This is essential for getting more favorable terms.
STEP2:
Get a copy of your free credit report. This can be achieved online through one or all of the three major agencies, such as Equifax, Experian and TransUnion. Review it and make sure to fix any problems.
STEP 3:
Consolidate your federal loans and private loans separately. Compare rates from different lenders. Shop around, check the Internet, your bank, as well as your original lender.
STEP4:
Work with your lenders to refinance your loans. Extend your repayment period, lower your interest rate or consolidate your payments into one monthly bill according to your needs.
STEP5:
Research your options. You can consolidate private loans and federal loans together, but this usually yields less favorable terms.
HOPE THIS HELPS!!!!
Is it wise to refinance your home mortgage to consolidate auto loans?
My gut answer to this is no. I tend to think that a refi on my home mortgage for 30 years to consolidate a 4 -5 year auto loan only extends my payments and in another 5 years or so I will have to get another auto. Would a 2nd mtg or line of credit for the auto loan be wiser?
NO.
Cars depreciate in value - if you owe more than you can comfortably pay - sell it and get a cheaper car, preferrably one you can pay cash for.
Best case is to never finance cars, and buy good, dependable used vehicles.
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Why are so many homeowners upside down? - Macon Telegraph Why are so many homeowners upside down? So what’s the cure for a Home Equity Loan? Why, it’s the refinance, of course. Consolidate the old first mortgage and the home equity loan into a new first |
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Important things to know before you refinance You're willing to pay points to lower the interest rate on your new loan. You want to cash out equity or consolidate other debts such as a credit card |