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Mortgage Refinance and Debt Consolidation

Mortgage refinancing and debt consolidation are great ways to reduce your monthly payments, save money on interest, and free up money to spend on ...

Mortgage, Refinance, Debt Consolidation, Construction, Home Improvement...?

Jun 26, 2006 by Wishkah | Posted in Search Engine Optimization

I'm a loan officer for Access Mortgage and Financial, we do 500+ credit scores. Contact me toll free at 877-LOAN-103 and ask for Josh. We do first time buyers, home improvement, debt consolidation, re-finance and more. We handle all credit scores, good or bad. Don't ever pay for a loan application, they are free and can be done over the phone. You can contact me by phone, email, IM. Please only serious inquiries. We are currently licensed in 14 states
Hmmm, this is the advertising/marketing section so why can't I advertise? I feel like your answer is violating guidelines, you didn't answer the question, you stated your opinion and got 2 points for it. Let the people at yahoo worry about me. And if anyone out there is seriously interested please contact me. For those of you who just want to criticize then save your 2 points for a real answer to someone who will appreciate it.

No, thanks. I'd never do business with someone who doesn't read and follow the guidelines of this site. Posting ads here violates the guidelines.

Where can I get a Debt Consolidation Loan to pay off Credit Cards w/o refinancing Mortgage?

Oct 13, 2007 by Need2Kno | Posted in Personal Finance

Debt consolidation is rarely the right thing to do. The reason why is that they lump together all you debts, your low interest and high interest and then extend the time frame of you payments in order to reduce the payments. It also dings up your credit score. You need to get intense and take care of this yourself!

There are two different approaches to becoming debt free. The first is to list all debts from the highest interest rate to the lowest, attack the highest interest rate and pay minimums on all the rest. The other way is to list all your debts from smallest to largest and attack the smallest first and make minimum payments only on all the others. The first may mathematically seem better but from my experience, the second approach actually works better from a behavioral standpoint. You get constant reinforcement as you knock out debts early and often. Either way, you need to cut your lifestyle and get angry. Have a garage sale and get a second job. Get intense and soon you will be free!

Debt Consolidation, home refinance question...?

Jan 14, 2007 by TheDiciple | Posted in Credit

I currently have two auto loans, some credit card debt, and will be purchasing a house very soon. I know they have debt consolidation loans, but all ive seen are fixed rates for them. Do they offer Arm rates for debt consolidation for auto, credit, and mortgage loans? Any info is greatly appreciated. Also ive noticed that quicken loans has the cheapest rates, and best quotes do you know of others that have better?

I AM SURE THEY HAVE CONSOLIDATIONS LOANS FOR ALL AND TO QUALIFY TO BUY ARM LOANS ARE GOOD BUT SHOULD FIX THE RATE AS SOON AS POSSIBLE AND PAY HIGHEST MAX PAYMENT AS POSIBLE

Where can I find the best mortgage rate for refinancing?

Sep 24, 2006 by jbatschool | Posted in Personal Finance

I am not sure whether to refinance with debt consolidation, cash out or a home equity loan or line of credit.

Hi there,

I hope yo havent conta ted the gentleman that seems to live overseas, and doesnt really have the concept of the english language down pact yet... Probably not your best bet...

Looks like you basically are in need of $cash$ to obviously pay down some debts... (based on your question)

So to keep it short and simple, out of the three options that you have sited, two of them are the same thing... A cash out refinance is the same as a debt consolidation refinance... A home ewuity line of credit on the other hand is a completely different story...

A home equity line of credit (HELOC) is a quick and easy way to get money out of a property... However, they are one of the worst debts for any person to carry...

Large banks will push these programs on customers for one simple reason.. They make double the interet!!!

A HELOC is basically a giant credit card secured against your home.. It shows on your credit as a "Revolving debt" rather then a "real estate debt" like a mortgage...

A "revolving debt" is the smae as a credit card, or charge card at a retail store... They are bad for your credit if you carry high balances... The average HELOC is over $20k, so your credit is sure to decrease by using a HELOC...

This is also why you always see commercials and billboards promoting HELOC's.. They say low to no costs, etc. There is a reason they want to give you these loans for free... They make double the intere3st because a HELOC IS COMPOUNDED INTEREST (same as a credit card)... (not like simple interest on a mortgage or car loan)

So, if you need cash to pay debts, home improvemets, etc. i always suggest to refinance the mortgage and take out what you need...

I would be happy to assist you with any further questions, or even help you with the loan process if need be.. .I work with providential Bancorp, we are a nationwide mortgage lender...

Feel free to call or email me at any time!!

Jason Fry
Licensed Mortgage Banker
Providential Bancorp
jasonf@providential.com
312-264-6448

Refi'd Mortgage for debt consolidation - No one paid off creditors ?

Jan 02, 2008 by Leea | Posted in Renting & Real Estate

When I refinanced my mortgage in May 07 the mortgage broker included 5405.01 in payments allocated to credit collections on my HUD statement.
His broker fees were around 6900.
I explained that the bulk of the CC collections was for a deceased relative's account of whom I was only the authorized user.
My broker said it would tak eso long to dispute it that i was better of refing and paying it off and that my credit score would go up a lot.
Well 7 months later in late November I needed a small home equity loan. I have 165k in equity in my house still and World Savings/Wachovia assured me I should easily get the loan.
Instead they turne dme down due to credit rating.
I pulled all credit reports.
3 of the 4 owed creditors still show up. So my credit was not improved!
Who was responsible for the payoffs ? My mortgage broker or the title company ?
i should add that ive just gone thru junk mail and found a collection agency dated 11/07 still demanding payment on the largest collection. (4600- HSBC wasonly authorized user though) ironically theyre only asking for 50% of total.
if they were payed why are they stll asking?
what a headache. :-(
To last answerer, Im in PA.
HSBC switched the debt to my name after my late grandfather died.
this was several years ago and at the time i was flush with cash and working a 60 hr a week job in nyc. So the only thing i did was call hsbc and write them a letter telling them since i never opened it, to remove me.
i also wrote the credit reporting agencies.
I shouldve followed up. But HSBC are total @##$%^ to have transferred it to me.
Now I will follow up on it one way or another.

The title company should have paid from the loan proceeds all of the pay-outs shown on your closing statement. Check each line item on that closing statement and determine if the credit accounts are listed. If they are, contact the title company and ask the manager why the debts were not paid, and if they were to send you written documentation of the payments.

Getting rid of debt?

Mar 11, 2008 by Antonio | Posted in Personal Finance

I see tons of commercials for getting rid of your credit card debt by refinancing your mortgage/ home loan. The problem is, I don't own a car or a house, I work part-time, and I'm a full time student. Are there companies that do debt consolidation, etc. for people like me?

There are debt consolidation companies that will work with you, but I strongly recommend against using them. As a general rule, they are not doing anything that you cannot do on your own, and they are charging you for that "service".

Here are a few things that you can do to get your debt down to a manageable level.
1. Stop spending money on stuff you do not need. A large coffee a day is around $1.50 to $2.00, that's around $45 -$60 a month. Same for bottled water, cell phone service, renting or buying videos, games, CDs, etc... Dedicate that extra money to paying down the credit card with the highest interest.
2. Set aside some money every month to pay a significant extra amount on one card, the one with the highest interest. Even if it is only $5, it is TONS better then just paying the minimum. As you reduce what you owe, the amount you pay in interest every month will go down allowing you to pay off debt faster.
3. if you are still having difficulty making the payments, for whatever reason, call the credit card companies. Tell them your situation. They would rather work with you, then send the account to collections. There is a lot that they can do, like reducing your interest rate, or allowing you to skip a month or two without penalty.

Best of luck.

are there any mortgage lenders out there that have "stated disability" programs?

Jun 30, 2006 by jrow77 | Posted in Renting & Real Estate

i am mortgage loan officer and have a client who needs to take out a loan/refinance for debt consolidation and home improvements. he only owes a little over $20,000.00 on his home and it appraised at $220,000.00. he wants to borrow $100,000.00, so there would still be $120,000.00 of equity left. his credit is poor, thus the need for debt consolidation. and he is disabled with a minimal monthly disabilty check. ofcourse, his wife is on title aswell, but her credit is worse, but she does have a monthly income of a very modest amount. the fact that he recieves disability does show up on his credit report, however, the dollar amount does not. what can be done for this family? are there any mortgage lenders out there that have "stated disability" a program? please respond if you are a lender that can help,or have information on the subject that could help. thank you so much.

Jmac Lending
Eric Nguyen
949-310-1288

I need a really catchy advertisement logo for my car.?

Jun 11, 2008 by me | Posted in Personal Finance

I work for an all around financial services company. I offer life, car, & home insurance. I also refinance mortgages without starting people back over at 30 years, get people approved for a purchase of a home loan, debt consolidations, planning for retirement & college savings, as well as offer an oppurtunity for a career with my company. I want to sum all of that up on a car door magnet. Help Please!!!

The financial safety net for your needs. You could have a graphic of a net with a house, car and boxes in it labeled representing services. or Use the phrase "we lift you up when waters are rough and a graphic of a bridge with labeled supports of services and troubled waters.

Should I refinance my car?

Sep 30, 2007 by honey | Posted in Credit

My mom financed a car for me last year. She is the primary person on the account, and I was a co-signer, because I had just graduated from college and didn't have a good job yet. Now I am finacially settled, have good credit, and have paid all but $3,200 of the $7,000 loan back. The monthly payment is $140.00, but I have been paying at least twice that every month since I have been working because there is no early repayment penalty and the car loan has the highest interest rate of all my debt at 6.0%. She wants to sell the home I grew up in to buy an empty nesters townhome for herself. She wants to take out a mortgage for this, and I am worried that the loan she took out for me will affect her ability to get a good mortgage rate. Should I refinance my car so that it is in my name? Should I roll it in to a debt consolidation loan with my student loans (only other debt)? Is $3,200 at $140.00/ mo too small of an amount to affect the mortgage rate that she will qualify for?

The prime rate and your credit score is what determines your mortgage rate. I would not refinance. When you get a loan the majority of your interest is paid first. Very little comes off of the principal. If you refinance you will have to start all over with the interest. I would see what you can do about paying more each month. Make sure that on your payment coupon you put the extra money down as towards the principal. Some financial institutions do not automatically do that. I would not roll it over into your student loans. As for being too small of an amount to affect getting a mortgage, it depends on what other bills she has. It won't affect getting a loan if she has good credit but it does affect how much you can borrow. You can only owe a certain percentage of your income to get a loan or they consider you overextended and not a good risk. Keep up the good work on your credit history. With good credit you can get lower interest rates on your loans.

Loan Modification (bail out) help please!?

Dec 10, 2008 by Christine F | Posted in Personal Finance

I have a question I unfortunately got laid off a job I had for 16 years the entire company closed. At the time I was making very good money and had no problems paying our bills. I have been actively looking for a job, but in this economy it's been very hard to find one. I know some people will say go to McDonalds etc. which when my unemployment runs out I will certainly have to, but in the mean time my unemployment is paying more than a fast food job would pay and I have a 3 year old that a fast food job will not pay for the daycare. Anyway, my husband does work and tries to work as much OT as humanly possible. I am 6 months pregnant and showing which I know employers shouldn't discriminate, but I'm sure that can be part of the reason I am not getting the very few jobs that are out there. I called my mortgage company for help and they say I am not eligible for a loan modification which is VERY frustrating. I haven't missed any payments on my mortgage, but at this point most of my savings is gone now since we are only having one income come in. Why wont the mortgage company help? Are they only helping these people that are deliquent? I would think that they should help everyone struggling. I am afraid NOT to pay, but at this point I am not going to have a choice. I don't want to lose my home, I really need my interest rate reduced and loan payment extended. I tried to refinance but was told I couldn't because they do an income check. I also have credit card bills that I called a debt consolidation and they told me they couldn't help me either that I am not late? What am I supposed to do? Why do they help some & not others? I'm thinking my only option is bankruptcy?

Please people don't tell me I am lazy or for my husband to get another job he works as many hours he can. I'm not lazy, I am pregnant not using that as an excuse I worked up until the day I had my first baby. NO ONE will hire me with the few jobs out there. I am very stressed and scared. Please any advice?
Katherin - You are cruel. My savings have been used since I have been out of work for over 6 months now. I probably should of had more savings but saved as much as I could with the bills that I had. I bought my house when prices were at their highest. I didn't get laid off and decide to have a baby, I was laid off and then found out I was pregnant. Not that, that is any of your business. Even being laid off I was and still am looking for a job, but most places look at a pregnant woman & feel that they are going to be out in a few months so why hire them. You say why should they lower my interest rate and not yours - I am willing to pay even at the interest that I am at but over a longer amount of time which would make me pay back more in the long run. Would you rather live next to a boarded up house with over grown grass or some one that takes care of it & would like to raise a family there? Have a heart lady really.

Unfortunately, no one will bother until you are late on payments, then you'll just get nasty calls from the jackals wanting their money. Go to your library and check out the book "The Total Money Makeover" by Dave Ramsey. He also has a daily talk show syndicated around the country. He's very smart and gets calls from people in your situation all the time these days.

Here's some Dave advice:

1. Get on a budget if you aren't already on one. Spend every penny on paper every month before you get paid, and stick to that plan.

2. Pay necessities first. Keep your family fed. Keep the utility bills paid. Buy gas to get to work. Buy clothing for your family as needed (kids grow fast, right?). Pay your mortgage if you have the money. Then, after all your necessities are paid, if there's any money left over, pay other creditors.

3. Sell any extraneous stuff you have in your house that you don't use. Sell so much stuff that your kid thinks he's next ;)

4. Get rid of as much debt as you can. If you have a car payment and more than a year to pay the car off, see if you can sell the car, even if it's at a loss, and get a note for the difference and buy a beater car in cash. Get that checked out with the finance company and check around at local banks first.

5. Stay away from debt consolidation companies. You will never get a better deal from them.

6. Once you are back on your feet job wise (keep looking, there just aren't that many out there right now), go through the baby steps outlined on Dave's website. They've helped thousands of people get their financial lives in order and they can help you too.

7. Avoid bankruptcy at all costs. No matter how much stress you're in now, the stress of a bankruptcy is much worse. Your credit may get dinged either way you turn, but not having your lives turned upside down by a bankruptcy will be worth it in the end.

8. The credit card companies will not sue you right away. It may take up to 2 years. Once they've been in touch with you for a while (and they will be nasty and manipulative, don't give in), offer to settle the debt.

It may not come to that, though, if you can find a job in the next few months and start supplementing your family's income. You may just need to wait until after the baby is born. While it is against the law to discriminate against pregnant women, that may not be what's happening. Many employers just aren't hiring right now because the economy is bad. In 5-6 months (once the baby is here and you're cleared to work by your doc), the job situation will hopefully be brighter, and you'll be able to find a job.

If you do fall behind on your mortgage payments, it will take missing a few to put you in the situation where the banks will be more amenable to modifying your loan. Keep in touch with them proactively if you can't make your mortgage payments. If you find a new job during this time, see if they will modify the loan in a way that will let you make up the missed payments over an extended period of time and then reverts back to the original loan terms, or extend the life of the loan by the number of payments you missed. You may even be able to work out a deal for a short sale, but have that be the last resort, since the housing market doesn't look like it's going to recover for a while. But don't stress out, even though I know that's hard to do. You and your husband need to take care of your family first. Keep food on the table, the lights and heat on, gas in the cars, and clothes on the babies. Those are the necessities.