What is the difference between Stafford, Perkins, and PLUS loans? #refinance #stafford


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What is the difference between Stafford, Perkins, and PLUS loans?

When applying for college financial aid, it can sometimes be confusing trying to determine the difference between the many types of scholarships, grants, and loans that are available. Therefore, in wading through the vast amount of information, here are a few key points on the differences between the Stafford, Perkins, and PLUS loans.

Once you have a good understanding of how each loan works, as well as the advantages and disadvantages to each, it will be much easier to determine which may work the best in your particular college financial aid situation.

Stafford Loan

Stafford loans are considered need-based government loans that are made directly to a college or university student as versus to their parents. The amount that one is granted through a Stafford loan will be determined via a calculation of an amount of expected family contribution even if the family does not contribute to the student s educational expenses. When one uses funding through a Stafford loan, repayment is not required until after the student graduates.

There are essentially two ways that interest is determined on a Stafford loan. If an individual receives an unsubsidized Stafford loan, the interest on the loaned funds will begin to accrue prior to the student s graduation. Alternatively, if one receives a subsidized Stafford loan, the interest will not begin accruing until after the student graduates from college.

Perkins Loan

Perkins loans provide funds by way of a low-interest loan to both undergraduate and graduate students who have demonstrated an exceptional amount of financial need. These types of loans are made directly from the financial aid office of the college or university where the individual attends. Because the school is actually the lender of a Perkins loan, the repayments are made directly to the institution.

With these loans, the funds may be paid to the student in the form of a check, or the money may be paid directly to the college or university to cover school related expenses. An individual must begin making repayments on a Perkins loan nine months after they have graduated. Should the student leave school prior to graduation or drop below what is considered as half-time student status, they will need to start making loan payments immediately at that time.

PLUS Loan

PLUS loans are also a way to borrow a low-interest amount that goes towards paying the cost of college. Unlike a Stafford loan, the funds from a PLUS loan are paid directly to the parents of the student even though the money is being borrowed on behalf of the student.

Although there are some borrowing limits and caps that are associated with Perkins and Stafford loans, with a PLUS loan, a student s parents may borrower the entire amount that the student needs for their educational expenses including funds that may be needed for housing.

In addition, to be eligible for a PLUS loan, the borrower is not required to show financial need as they do with a Perkins and Stafford loan. In order to be approved for funding from a PLUS loan, a student must be enrolled at least at part-time student status, and the parent/borrowers are also required to pass a standard credit check.
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Refinance Student Loans | Private Student Loan Consolidation

Cedar Education Lending not affiliated by ownership with any Lender, but is compensated for the referral of each of the Lenders’ respective loan customers. By clicking on the link to any of the Lenders’ respective web sites, you are leaving Cedar’s web site; Cedar does not maintain any of the Lenders’ web sites and is not responsible for the content of any such linked site. You are, of course, not limited to seeking loans or other products from any of the Lenders, and are free to obtain information and loans from all other providers of student loans and related products.

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How does seller financing work in a home sale? #how #does #refinance


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How does seller financing work in a home sale?

I’ve been looking for an affordable house, which is no easy task given my moderate income and slightly messed up credit record. I noticed an ad for a house that says “Seller financing available!” What does this mean, and can it help me?

Answer

You may want to look into this further. In rare cases, a seller will agree to loan a buyer part or all of the money to buy the property. The seller’s motivation may be to create an incentive to buyers who can’t borrow enough from a bank or commercial lender to buy the house. Or the seller’s reasons may be tax related, since financing your purchase would allow the seller to spread out the income from the sale over a number of years.

Seller financing can be carried out in one of two ways.

The first is for the seller to “take back” a mortgage on the house. You, the buyer, sign both a promissory note (promising to repay the loan) and either a mortgage or a deed of trust (allowing the seller to foreclose if you fail to pay). In return, the seller signs a deed transferring title to you. Because you hold the title, you can sell the house or refinance. But you must keep making the agreed-upon payments to the seller.

The second and less popular possibility is for the seller to keep title to the property for as long as it takes you to pay off the loan. The contract you and the seller sign is known by various names, including “contract for deed,” “contract of sale,” “land sale contract,” or “installment sales contract.”

It works like this: The contract states that the seller will keep title to the property until you pay off the loan. (You normally pay the loan off in a series of regular payments, similar to a standard mortgage.) After you pay off the entire loan, the seller signs a deed transferring title to you. Because the seller keeps the title over the life of the loan, you cannot sell or refinance the property until all payments are made and the title is transferred — an obvious reason for the unpopularity of these contracts.

Talk to a Real Estate attorney.


Sign Up for Refinance Leads, Mortgage Refinance Lead Offers #refinance #leads,mortgage #refinance


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We offer Free Marketing Quotes. Talk to our Knowledgeable Account Reps Now!

Sign Up for Refinance Leads

The Lead Planet offers hot refinance mortgage leads as millions of homeowners go online to shop for refinancing loans online. Many borrowers are looking for refinance lenders to help them convert their adjustable rate as their payments have been rising. It seems like every other month we extend mortgage refinance lead offers and promotions to help brokers and net branches maximize their marketing budgets. Borrowers will always have a need to refinance their home mortgages. Many homeowners have first and second mortgage loans that they would like to combine. In most cases our conversion rates on refinance leads is very high. Most of our clients have been closing the most loans each month with our refinance leads. Discuss your lending niches and sales goals with one of our sales reps today and get started with the best mortgage refinance leads online today. We pride ourselves in delivering refinance mortgage leads from homeowners that want to work with competitive lenders.

The hot mortgage refinance leads right now seem to be the borrowers who have first mortgages that just converted to adjustable rate and their payments have been rising. Their motivation to refinance into a fixed rate loan is high, so get your spot locked with the Lead Planet. When the interest rates rise, they would rather not have to refinance their low rate 1st loan. The other popular inquiries from homeowners are in regards to the HARP 3.0 because this program requires no equity as lenders completely disregard the “loan to value” when underwriting these applications. We have seen a significant rise in HARP refinance leads. Let’s face it, with interest rates this low the market remains hot for home refinancing. Why not maximize your efforts buying marketing in a profitable market. For over fifteen years, we have been delivering qualified refinance leads that convert successfully for lenders and brokers across the nation.

Whether your niche is conventional, VA or FHA refinancing, our company understands the dynamics of loan origination and our marketing plans are centered on your niches. The reality is that the mortgage refinancing market will not be hot forever, so take advantage of our high converting refinancing leads that will drive your origination numbers higher each month.

Get signed up now before the lead prices increase. These refinance mortgage leads come directly from interested consumers online. Ask your sales representative about bulk discounts on semi and exclusive refinance leads for sale.

Target Homeowners that want to Refinance their home while interest rates are low.

Lead Planet Custom Filters that We Set Up Around Your Company’s Niches!

FHA Mortgage Leads – After the housing market imploded a few years ago, FHA leads became the most popular refinance lead over the last few years. Many applicants are looking for the FHA streamline program. We generate a high volume of FHA refinance leads.

Home Equity Leads – Millions of homeowners are searching online for a refinance loan that will consolidate their credit line or 2nd mortgage. The Lead Planet provides quality key equity leads that were initiated by homeowners looking for subordinate financing. Talk to bankers and brokers that offer credit line programs now. Ask about the surging conversion rates on cash out refinance leads as well.

Credit Repair Leads – Why not supplement your mortgage income with another revenue stream that helps people out by improving their credit.

Please note that LeadPlanet.com does not offer home refinance programs. LeadPlanet.com is not a bank, credit union, broker or mortgage lender. LeadPlanet.com is a website that provides information about home financing and services that connect consumers to approved lending professionals. We do not offer refinance mortgages directly or indirectly through representatives or agents.

1999-Present, LeadPlanet.com, Lead Planet Company
All rights reserved 888-271-9581 Find out why we are considered a reliable source for refinance mortgage leads online.


4 Alternatives To A Cash-Out Refinance #cash #out #refinance #loans


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4 Alternatives To A Cash-Out Refinance

Cash-Out Refinance Not Always The Cheapest Money Source

If you need money for things like home improvements, debt consolidation, or investments, you may be tempted by a cash-out refinance. That means you refinance with a larger loan than you need to pay off your old mortgage, and take the difference in cash at the closing.

What Is Cash-Out Refinancing?

This refinance might be the best and cheapest source of funds, but it could also be an expensive mistake.

Here’s what you need to know before you apply.

The Added Cost Of Cash-Out Refinancing

The biggest drawback of most cash-out refinancing is the added fee, and the way lenders calculate it. Fannie Mae. for instance, charges .375 percent to 3.125 percent of the entire loan amount in risk-based surcharges for a cash-out refinance.

That’s right — you calculate the fee based on the entire loan amount, not just the cash out.

If you want a relatively large amount of cash, the deal may make sense, because mortgage rates are usually much lower than other types of borrowing.

Loan-Level Pricing Adjustments (LLPA): A Complete Guide For Mortgage Borrowers

However, if your loan amount is large, and the amount of cash is not, it could be an expensive way to borrow.

Suppose you refinance a $400,000 mortgage, with an additional $20,000 in cash out. If your surcharge is 1.875 percent, that’s a cost of $7,875, which is almost40 percent of the cash you want.

You’d be better off using a credit card or hitting up your local loan shark.

Cash-Out Refinancing = More Hoops

A cash-out refinance is not quick cash you’ll repay fast. Underwriting and eligibility guidelines are stricter for these loans and they can take longer to close than shorter term financing.

For instance, Fannie Mae allows you to purchase or refinance primary homes with 97 percent loans, as long as you don’t take cash out. But you can only go to 80 percent if you want cash out.

What Credit Score Do You Need For A Mortgage?

Loans that require minimum FICO scores of 660 for cash-out only mandate 620 scores for purchases.

It is worth noting that you can avoid the surcharges and stricter underwriting by choosing government-backed refinances like FHA and VA. Those programs have their own sets of upfront fees, though, and they may not make sense if you have significant home equity.

Stretching Out Repayment, Sucking Up Home Equity

Cash-out refinancing means you’ll have a bigger mortgage and probably a higher payment. You’ll also burn up some home equity, an asset just like your 401(k) or bank balance.

This is not something to do lightly.

Refinance Your Loan To Current Mortgage Rates Without “Starting Over” At 30 Years

In addition, taking a cash-out refinance means resetting the clock on your home loan. You pay more over time by adding those extra years and interest to a new mortgage.

Fortunately, there are alternatives that can be cheaper and safer.

Reinforcing Bad Spending Habits

If the reason for your cash-out refinance is consolidation of consumer debt, consider other options before you take out this loan. Depleting home equity to pay of debt accrued buying things that don’t outlast the debt is poor money management.

Too Much Debt To Buy Or Refinance A Home? Here’s Your Plan

This method of paying those debts frees up your credit for you to spend yourself into financial trouble again. Then you might be temped to do another cash-out refi to pay this new debt, making this a vicious circle.

Foreclosure Risks Are Real

Several Federal Reserve studies found defaults on cash-out refinances are higher than for regular refinancing. When home values fell a few years ago, homeowners who had tapped their equity often found themselves owing more than their property was worth.

Boomerang Buyers Can Get A Mortgage After Deed In Lieu Of Foreclosure

If either home values or your income drop substantially anytime during the loan term, you could face loss of your home. Without equity, it’s very hard to sell if you need to move or if your payments become unaffordable.

When Is A Cash-Out Refinance The Best Option?

The cash-out refinance can be your best choice in these cases:

  • The amount of cash you want is high relative to the balance of the loan you’re replacing, and the terms of the new loan are better than those of your current loan.
  • You need a large sum and want a government-backed loan and will finance more than 80 percent of your home value. Government loans like FHA and VA let you take more cash and don’t have risk-based surcharges.

How To Refinance Your Home With Maximum Cash Out

Ask lenders to show you other options and help you compare costs when you’re considering cash-out refinancing.

Alternative #1: Home Equity Line Of Credit (HELOC)

This is often a better financing strategy if you don’t need a large lump sum for a big purchase or project. A HELOC also makes good sense if you already have ideal loan terms.

HELOC Or Home Equity Loan? What’s Best For You?

With its lower closing costs and added flexibility, a HELOC is usually less costly than a cash-out refinance, and it takes less time to close. There aren’t limitations on its use, and you only pay interest on the amount of credit used.

You can use the funds for any purpose, including home improvement projects, annual costs like college tuition, or financing a gap in business revenue.

Alternative #2: Personal Loan

Personal loans, also called signature loans, are faster to process and much easier to get than mortgages. You can use a personal loan for home improvements, debt consolidation, major purchases or other expenses.

Instead of repaying the loan for 15-30 years, you’ll pay this debt off in five years at most. The interest rate depends on your credit rating, and will probably be higher than that of a mortgage.

Cash-Out Refinance Vs. Home Equity Loan: The Better Deal Might Surprise You

However, the costs are low, and with a shorter term, you’ll still pay less over its life than with a cash-out refinance.

It might also improve your credit by adding another line of credit to your credit history. This could be valuable if you’ve had recent financial challenges that damaged your credit .

Alternative 3: Refinance Your First Mortgage, Add A Second Mortgage

If you can improve on the terms of your first mortgage, that doesn’t mean a cash-out refinance is automatically your best deal.

Depending on the amount of cash you want, it might be less expensive to refinance your first mortgage with a cheaper rate-and term loans, and then add a second mortgage.

This can be a fixed home equity loan (best when you need a lump sum) or a HELOC (best for ongoing needs over time).

Alternative 4: Find Other Sources Of Cash

If you have vehicle loans at high interest rates, see if you can refinance them. That will give you lower payments and the you can use the savings to pay other debt.

Look at selling valuable collections, luxury items or things you’re not using. If there’s still debt left after your selling spree, see a credit counselor about restructuring that to pay it off. They also can help you develop better spending habits.

Consider starting a side hustle using high-demand skills you already have. Look for ways to generate income in the gig economy but carefully research their costs and legal requirements.

Borrow from family, applying for zero-interest balance transfer credit cards, or borrow against your 401(k) and deduct payments from your paycheck.

These options reduce your debt load or give you better terms than a cash-out refi or even other credit.

What Are Today’s Mortgage Rates?

Current mortgage rates for rate-and-term refinances and cash-out refinancing are affordably low. However, you still need to compare options and shop among competing mortgage lenders to pay as little as possible for your next loan.

The information contained on The Mortgage Reports website is for informational purposes only and is not an advertisement for products offered by Full Beaker. The views and opinions expressed herein are those of the author and do not reflect the policy or position of Full Beaker, its officers, parent, or affiliates.


Archetype – definition of archetype by The Free Dictionary #definition #of #refinance


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archetype

ar·che·type

1. An original model or type after which other similar things are patterned; a prototype: “‘Frankenstein’. ‘Dracula’. ‘Dr. Jekyll and Mr. Hyde’. the archetypes that have influenced all subsequent horror stories” (New York Times).

2. An ideal example of a type; quintessence: an archetype of the successful entrepreneur.

3. In Jungian psychology, an inherited pattern of thought or symbolic imagery derived from past collective experience and present in the individual unconscious.

[Latin archetypum. from Greek arkhetupon. from neuter of arkhetupos. original. arkhe-, arkhi-. archi- + tupos. model, stamp .]

ar che·typ al (-t p l). ar che·typ ic (-t p k). ar che·typ i·caladj.

Usage Note: The ch in archetype, and in many other English words of Greek origin such as architect and chorus, represents a transliteration of Greek X (chi), and its standard pronunciation is (k). The pronunciation of ch in these words as (ch) is generally considered incorrect. Notable exceptions in which the ch is in fact pronounced (ch) include words formed by adding the prefix arch- to an existing English word, as in archenemy or archrival, and also words such as archbishop and archdeacon that date back to Old English, having been borrowed directly from Late Latin and Late Greek.

archetype

architype

1. a perfect or typical specimen

2. an original model or pattern; prototype

3. (Psychoanalysis) psychoanal one of the inherited mental images postulated by Jung as the content of the collective unconscious

4. (Art Terms) a constantly recurring symbol or motif in literature, painting, etc

5. (Literary Literary Critical Terms) a constantly recurring symbol or motif in literature, painting, etc

[C17: from Latin archetypum an original, from Greek arkhetupon, from arkhetupos first-moulded; see arch-, type]

ar che type

1. the original pattern or model from which all things of the same kind are copied or on which they are based; prototype.

2. (in Jungian psychology) an inherited unconscious idea, pattern of thought, image, etc. universally present in individual psyches.

[1595 1605; Latin archetypum Greek archétypon, neuter of archétypos molded first, archetypal]

ar`che typ al (- ta p l) ar`che typ i cal (- t p k l) adj.

ar`che typ al ly, ar`che typ i cal ly,adv.

archetype

Jung used this term to refer to such universal concepts as the here, which he saw as part of the collective unconscious that part of the mind inherited from the experience of previous generations and common to us all.

Thesaurus Antonyms Related Words Synonyms Legend:

References in classic literature ?

Tourists in Normandy, Brittany, Maine, and Anjou must all have seen in the capitals of those provinces many houses which resemble more or less that of the Cormons; for it is, in its way, an archetype of the burgher houses in that region of France, and it deserves a place in this history because it serves to explain manners and customs, and represents ideas.

If we suppose that the ancient progenitor, the archetype as it may be called, of all mammals, had its limbs constructed on the existing general pattern, for whatever purpose they served, we can at once perceive the plain signification of the homologous construction of the limbs throughout the whole class.

What appears once in the atmosphere may appear often, and it was undoubtedly the archetype of that familiar ornament.

It reaffirms that our brand has real appeal, and that our personalized toolbar – which curates content according to your archetype – gives readers a fresh new way to zero in on the kinds of inspiring articles that are most relevant, useful and appealing to them.

The Year’s Most Noteworthy Movies Performances Awarded by Archetype

Okri’s Astonishing the Gods and In Arcadia, using the Journey Archetype. foreground the use of myth as prophecy because they present symbolic plots which offer imaginative insights into the things to come.

com)– Archetype Group, a leading multi-disciplinary construction consultancy in Asia, announced today their appointment as Project and Construction Manager for the new prestigious and iconic MahaNakhon Tower in Bangkok.

5 million, non-recourse loan from Archetype Mortgage Capital for the refinance of a 200,000 s/f self-storage facility in Clinton Hill, Brooklyn.

From Girl to Goddess is an attempt to remedy this lack in Campbell’s study by providing a template for the woman’s hero journey through a broad-ranging study of female-centered myths, stories, folktales, and the occasional historic archetype .

Jung expresses his concept of an archetype in a variety of ways, which includes a comparison with Plato’s pure forms ( Archetypes 75).

The archetype of the high performing financial advisor is that of the achiever.

Politicians exploit a perceived desire to find an archetype of the most-common American.


4 Ways to Get a Cell Phone Plan With No Credit Check


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4 Ways to Get a Cell Phone Plan With No Credit Check

Cell phones have practically become an extension of our bodies — they’re our phones, computers, cameras, watches, alarm clocks, game systems and more. But getting one can be difficult if you don’t have credit.

Carriers want to avoid customers racking up huge bills and then not paying them. To this end, many major cell phone companies will check your credit to evaluate your financial responsibility and ability to pay each month.

If you have bad credit or no credit history, you may have to jump through some extra hoops, but you can get a cell phone with no credit check.

1. Go with a prepaid carrier

Prepaid cell phone plans don’t require a credit check. That’s because you pay in advance for your service, usually on a monthly basis, so there s no risk for the cell phone provider. The four major carriers — Verizon, AT T, Sprint and T-Mobile — offer prepaid plans, often for less than their traditional plans.

One downside: Because there is no commitment with a prepaid plan, you can’t pay for your phone in installments like you would with a traditional plan. The price can range from less than $1 to more than $500, depending on the phone you choose. But you may be able to avoid the upfront cost of a new phone by using your existing one.

2. Join a family plan

Most carriers offer family cell phone plans. and some let you have as many as 10 lines on one plan. Although the main account holder must pass a credit check to establish service, those using the additional lines do not. The main account holder is also the one ultimately responsible if you don’t pay your bill, so take care not to miss any payments.

If you do join a family plan, you won’t just bypass a credit check, you may also save some money. Traditional individual plans start at $40 to $50, depending on the carrier, but a family plan split four ways can run as low as $25 per person, before taxes, fees and add-ons like insurance.

3. Pay a security deposit

You can often get a cell phone plan with no credit history if you first pay a deposit. Deposit amounts will vary based on the carrier and your credit score, but they could run up to several hundreds of dollars. And deposits are generally per line, so if you want multiple phones on your account you will pay multiple deposits. Most carriers will refund your deposit after a year if you consistently pay your bill on time.

4. Find a co-signer

Similar to getting a personal loan with bad credit. you can often get a cell phone plan with bad or no credit if you have a co-signer with good credit. Unlike a personal loan, however, the account would be in the co-signer’s name, meaning that person is on the hook if you don’t pay your bill.

The co-signer can eventually move the account into your name. Most carriers will run your credit when you do so, but that doesn’t mean you’ll have to pay a deposit. With T-Mobile, for example, you can usually move the account into your name after 60 days. Although the carrier will check your credit, it won’t require a deposit because the account is already open. Just keep in mind that each carrier handles this differently.

You have options

A prepaid plan is often your best bet if you want a cell phone plan but have no credit or bad credit. If the upfront expense of a phone is too much, though, try joining a family plan. That way you can share the plan cost while you work to build your credit enough so you can venture out on your own plan.

NerdWallet has partnered with BillShark, a company that can help save you money by negotiating your bills for you. If BillShark determines that you re already getting the best rates, there s no cost to you.

This post has been updated. It was originally published Dec. 22, 2014.

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FHA Refinancing Options from, fha refinance cash out.#Fha #refinance #cash #out


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FHA Refinancing

Changes in the housing market have given you-and thousands of other Americans-the option to refinance your current home mortgage with a FHA Refinance.

FHA Refinancing is a better option if you have a fair to good credit rating because, generally, FHA standards are less strict. Even if you likely will not qualify for conventional refinancing because of your income level, a FHA Refinance may still be an option for you.

FHA Refinance Requirements

There are some requirements that may apply when trying to refinance your current loan with the FHA. Keep in mind the following are simply guidelines-each borrower’s situation is different.

  • The mortgage that is to be refinanced must ultimately be insured through the FHA.
  • The current mortgage must be current and not delinquent.
  • The results of the refinance must lower the monthly principle and interest payments for the borrower.
  • No cash may be taken out on mortgages refinanced using the streamline refinance process.

Other Information on FHA Refinances

Fha refinance cash out

One Streamline Refinancing option you have is one that includes the closing costs into the new mortgage amount. This of course is only available if enough equity is in the home after it is appraised. The streamline refinance can occur without an appraisal but the new loan will not be able to exceed the original loan amount. If you are not living in the property (i.e., it is an investment property), the refinance can only occur without an appraisal.

FHA Loans by State

The FHA Home Loan Program

The FHA has been insuring loans since the 1930’s, and their refinancing department has been around since the early 1980’s. The FHA/HUD also offers the option of FHA Streamline Refinancing . The “streamline” refers to the amount of paperwork and underwriting involved and not to a monetary factor (such as being cheaper or having no cost at all).

Let FHA Mortgage Center.com be your guide to the benefits of a FHA Loan. FHA Mortgage Center.com is your one stop for all your FHA-related questions.

We update our FHA Lending articles and Help Guide frequently with new FHA information. Our FHA Blog is another great source of information from top industry experts with topics ranging from FHA Loan Limits to current changes in the FHA Program. We offer these resources because, most of all, we want to provide you with information to help you decide if a FHA Loan is the right choice for you.


VA Loan Refinance – Understanding the IRRRL and Cash-Out Options, cash-out refinance


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Refinancing with a VA Loan

Understand the different VA Loan refinancing options available to homeowners wanting to take cash out or work to receive a better rate.

What is VA Refinancing ?

Through the VA Loan, eligible veterans , service members and surviving spouses of service members have access to special refinancing options designed to lower monthly mortgage costs or provide the ability take cash out of a home’s equity.

Benefits of VA Loan Refinancing

Those interested in reducing their mortgage rate should consider the VA Streamline refinancing , otherwise known as an IRRRL ( interest rate reduction refinance loan ). With the VA Streamline, homebuyers have the opportunity to lower their interest rate, providing additional cash flow each month.

Additionally, homeowners have the ability to change the terms of their loan, switching from an adjustable rate to a fixed-rate, or a 30 year to a 15 year loan in order to pay off their mortgage sooner.

Those contemplating taking cash out of their home’s equity should consider the VA Cash-Out refinance. With the Cash-Out refinance, homebuyers can use the equity in their home to help pay other obligations.

Additionally, homebuyers wanting to refinance from a different loan program into the VA Loan can do this through the Cash-Out refinance program.

VA Interest Rate Reduction Refinancing

The VA Streamline, which is officially known as an Interest Rate Reduction Refinance Loan, or IRRRL, was created so that eligible homeowners had the opportunity to receive a lower rate and decrease monthly expenses.

In order to qualify, the homeowner is required to currently have a VA Loan and must also receive a lower interest rate and lower monthly payments with the refinance. That is, unless the borrower is refinancing an adjustable rate mortgage to a fixed rate.

The VA does not require a credit check or home appraisal to receive a VA Streamline Refinance; however, in today’s lending climate, those considering a Streamline Refinance should expect lenders to look at credit scores as well as order a home appraisal.

With the Streamline Refinance, origination fees and total costs are capped to keep the up-front costs as low as possible for the homeowner.

VA Cash Out Refinancing

Another popular refinancing option is the VA Cash-Out Refinance, which allows you to tap into your home’s equity and extract cash. Borrowers aren’t required to have a VA Loan in order to choose this option; many homeowners use the cash-out option to refinance from an FHA or conventional loan.

Qualified homeowners may be able to refinance up to 100 percent of their home’s loan-to-value and use the proceeds for home repairs, remodeling and other needs.

When to Refinance

Homeowners considering a VA Loan refinance should understand that timing is everything when refinancing a mortgage.

In most cases it wouldn’t make sense to refinance a mortgage if you don’t plan on staying in that home for the near-future, just like it wouldn’t make sense to refinance at a time when interest rates are soaring.

Your goal should be to achieve a lower interest rate that cuts monthly payments, significantly decreasing the amount of interest paid over the life of the mortgage.

Question Not Answered?

Still haven’t found the answers you are looking for?

Contact a Veteran Loan Center representative today to receive detailed answers to your specific question.

Call us at (888)258-6879 or fill out the form above.


Home Equity to Consolidate Debts #home #equity #canada, #debt #consolidation #advice, #refinance


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Home Equity to Consolidate Debts – Refinance Your Home or Get a Second Mortgage

What does using home equity to consolidate your debts mean? Essentially it is using the equity in your home / refinancing your home to consolidate your debts into one payment in order to pay off your debts.

A “Home Equity Loan”, “Home Equity Line”,”refinancing your mortgage / re-mortgage” and getting a “second mortgage” are all different names for the same thing and are sometimes used as a debt consolidation option. These terms refer to the bank lending you money against the portion of your home that you own. So if the bank thinks that your home is worth $300,000 and your mortgage is for $250,000, then you own $50,000 of your house. This is called your “equity”.

Increasing your mortgage is something that the bank may let you do, by taking out a second mortgage to use up some of this equity to pay off your debts. (Check out our handy mortgage and debt consolidation calculator ). You would then have two mortgages: your first mortgage and a second mortgage which could be the debt consolidation home loan . If this is something you’re interested in doing, speak with your bank or credit union to find out how it works, to get information about the mortgage rules in Canada and if this option could work for you. Sometimes if you have bad credit. it might be difficult to get a debt consolidation loan. so using home equity could be another possibility. Check with a Credit Counsellor to make sure that you choose the right option.

Selling Your House to Pay Off Debt – Talk to a Credit Counsellor About Consolidating Debts

You could also sell your house to pay off debts. though this should be a last resort and pertain to your situation, e.g. down-sizing in retirement. There are things to know before using your home equity line. so to choose the best way / option that fits your situation, especially if you’re retired and your income has changed, talk to a trusted, accredited non-profit Credit Counsellor.

Interest Rates for Second Mortgages – Can Be Higher Than First, Talk to Your Bank About Using Your Home Equity

Sometimes you can get the same interest rate on your second mortgage as you got on your first mortgage, but this isn’t always possible (talk to your lender to find out more). If you do have to pay a higher interest rate on your second mortgage, you can set up the due date / term to correspond with the due date / term for your first mortgage. This will allow you to combine them at the bank’s best interest rate when they need to be renewed.

Re-mortgaging may also be an option that your lender can explain to you. It may allow you to keep a low interest rate, only have one mortgage payment and still give you funds to pay off other debts.

History of Mortgage Rates in Canada – Declining Since 1980’s

Ever since the early 1980’s mortgage rates have been declining in Canada. They peaked at over 20% at that time but are now typically offered in the 3% – 6% range. It is wise to remain mindful of the fact that we are currently living with historically low interest rates. This means that we cannot count on them to stay this low forever. The average five year mortgage rate over the past 60 years has been 8.95%. So if you are considering refinancing your home, make sure you can afford an “average” interest rate of 9% in the long term.

Finance Companies and Sub Prime Lenders or Loan Companies Offering Mortgages – Higher Interest Rates than Banks

Finance companies and sub-prime lenders also offer mortgages. Their interest rates will almost always be higher than the bank’s and can often range between 14% – 30%. These rates are a lot higher because these companies tend to lend money / cash to people in financial situations that involve more risk than banks usually want to take on.

High interest loans like these can be used as a tool to get you from point A to point B, but you should do your best to find a better arrangement as fast as possible. It is very hard to get ahead paying really high interest rates.

Advantages of Using a Second Mortgage to Consolidate Debt

  1. The interest rates are typically low
  2. Flexible payment arrangements. You can usually extend your amortization (the length of time required to pay back the loan) to create an ideal monthly payment

Disadvantages of a Second Mortgage

  1. You must have enough equity in your home as well as income to make both mortgage payments
  2. You may be charged a number of fees for the costs involved in setting up a second mortgage
  3. Banks often don’t like to do small second mortgages. $10,000 may be the minimum that they will consider

Contact Us for More Information About How to a Use Home Equity Line to Consolidate Debts

We can give you information on how to use home equity to consolidate debts / pay off debts. Contact us by phone at 1-888-527-8999, send us an email or chat with us online right now. One of our Credit Counsellors will be happy to offer you debt consolidation advice . Our appointments are free, confidential and informative. You may have other options that are better for your situation, so before you increase your mortgage, take out a second one (at a higher interest rate) or apply for a home equity loan. give us a call.


FHA Loans for First Time Home Buyers & FHA Loans to Refinance


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First Time Home Buyer or Refinance

Do you want to learn more about becoming a first time home buyer .

The FHA program was created as part of the National Housing Act on June 28, 1934. FHA was created to help stimulate the housing market making loans more accessible and more affordable. The FHA program was created as a result of The Great Depression to help anyone including families, the elderly, people on disability and lower-income families be able to buy a home.

After the financial crisis of 2008 all the major banks raised their credit standards for approving FHA loans. Because the banks make the rules for loans they will approve, they may require a minimum credit score of 640 for their loans. These guidelines are the bank’s guidelines.

When you apply for an FHA loan at a major bank and they tell you their minimum credit score requirement is 640. This does not mean that it’s FHA’s minimum credit score requirement. It means that they are the bank’s credit score requirements .

FHA after bankruptcy FHA after foreclosure FHA after short sale

Credit score – On January 20, 2010 FHA announced a new policy to address risk. FHA changed the minimum credit score for new borrowers.

  • FHA requirements new borrowers will now be required to have a minimum credit score of 580 to qualify for 3.5% down payment
  • FHA loan requirements new borrowers with less than a 580 credit score will be required to put down at least 10%

This has allowed the FHA to better balance its risk and continue to provide financing for home buyers.

Debt-to-income ratio – April 1, 2013 FHA loan requirements include a maximum debt to income ratio. When a borrower applies for an FHA mortgage, they are required to disclose all debts, open lines of credit, and all possible approved sources of regular income. Using this data, the lender and FHA can calculate the borrower’s debt-to-income ratio.

  • FHA maximum debt to income ratio can be over 55%
  • Manual underwriting maximum debt to income ratio is 50%

Mortgage Insurance – On January 9, 2015 the Federal Housing Administration (FHA) announced the reduction of it’s annual Mortgage Insurance Premium (MIP) rates.

Effective on or after January 26, 2015 FHA will reduce the premium from 1.35% to .85% a reduction of .5%.

Combined with low interest rates and the reduction of MIP rates means that it is a great time to buy a home or refinance your mortgage.

First Time Home Buyer – FHA Refinance

Closing cost – FHA allows the seller to pay up to 6% of your closing cost.

If you are buying a $100,000.00 house FHA allows the seller to pay up to $6,000.00 for your closing cost. It must be in writing in the sales contract, “Seller will pay up to 6% of buyer’s closing cost.”

If you do not write it into the sales contract then you will be paying the closing cost. In the state of Florida closing cost for a $100,000.00 house average around $4,300.00 depending on taxes, insurance and who’s paying the transfer tax and owner’s title insurance.

By allowing the seller to pay for your closing cost you will decrease the amount of money required to buy a home. Buying a $100,000.00 property requires $3,500.00 down payment and if the seller pays up to $6,000.00 for your closing cost you will only need around $4,000.00 to buy a $100,000.00 in Florida.

Are you short funds to close? The FHA no closing cost loan allows all of your closing cost to be rolled into your loan including your appraisal fee, hazard insurance premium and even your escrow account.

Are you a first time home buyer? Do you need to get pre-approved for a first time home buyer program in Florida? Apply now!

First Time Home Buyer – FHA Mortgage – FHA Refinance

Call us 888.958.5382

www.MORTGAGE-WORLD.com, LLC is a licensed residential mortgage broker in the state of Florida and will match you with the lender that will approve your FHA loan down to a 500 credit score.

We look forward to working with you.

www.MORTGAGE-WORLD.com, LLC is not an agency of the state or federal government and is not affiliated with the Federal Housing Administration. Nationwide Mortgage Licensing System ID 1630225 All loans arranged with third-party providers. Licensed in the State of New Jersey Florida License Number – MBR2317 www.MORTGAGE-WORLD.com, LLC 535 Bergen Blvd. Suite 2 Ridgefield NJ 07657 Call 888.958.5382


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Ready to Lower Your Car Payment? It’s Fast, Easy and Free

OpenRoad is an award winning, customer focused, online auto finance company trusted by tens of thousands around the country. Since 2009 OpenRoad has helped put hundreds, even thousands of dollars back in our customer’s pockets. With favorable loan terms for all credit types, our experts will customize a solution that best fits your needs.

OpenRoad is an award winning, customer focused, online auto finance company trusted by tens of thousands around the country. Since 2009 OpenRoad has helped put hundreds, even thousands of dollars back in our customer’s pockets. With favorable loan terms for all credit types, our experts will customize a solution that best fits your needs.

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Colorado Home Mortgage Refinance or Purchase of a Home #kc #mortgage #llc,


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Click here to check out my BBB rating!

KC Mortgage Colorado is a Castle Rock Mortgage Broker. locally ownedand operated. We are licensed, bonded and insured. Our website is the quick and easy place to get started towards qualifying and applying for a Purchase or Refinance Home Mortgage inColorado. We know that each customer has specific needs, so we strive to meet those needs with a wide array of services.

We are a Colorado Mortgage Broker that offerscompetitive mortgage rates and closing costs. The products that we offer include, FHA,VA, USDA, Conventional, Fannie Mae Homepath,Jumbo, Reverse mortgages, 203k streamlines and First Time Homebuyers.

Wewill work with you on an individual basis on the purchase ofa new home or refinancing your current home. We willexplain programs and options that you may not know about. We will let you know what loan programs you qualify for and which onesto avoid in your particular situation. We have the team that can meet your mortgage needs.

Kay Cleland is a Lending Integrity Seal Holder.*

NMLS#265374, CO#100026748, Company NMLS#37430

Regulated by theDivision of Real Estate

For Verification of State Licensing Click Here

Recent Articles

The Benefits of an FHA Loan
FHA loans are a popular home loan choice for borrowers. Qualifying standards tend to be more flexible and down-payment requirements are lower when compared to other home loan options. Read on to see what makes an FHA loan an attractive mortgage option and learn how you can take.

What Factors Are Looked At When Applying For A Mortgage?
Before you shop for your new home, prepare to qualify for a mortgage loan. Preparing will help eliminate confusion while ensuring that the process goes as smoothly as possible. These are six factors reviewed during mortgage approval process. 1. Residence.

How to Compete with an All-Cash Home Purchase Offer
The housing market goes through shifts, and currently, we are in what is commonly known as a seller s market that is, a market in which there are more buyers than there are homes for sale. As a result, competition between buyers will increase, and you may even.

Qualifying for a Mortgage on Part-Time Income?
Today, it’s more common than ever for individuals to make a living by working one or more part-time jobs instead of a traditional 9-to-5, 40-hour-a-week job. The assumption is that most people that choose part-time over full-time are either retired individuals or college students.


Va loan refinance options #va #loan #refinance #options


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ATM Branch Locator

Barksdale Federal Credit Union is your home loan headquarters. For qualified members, a Barksdale Federal home loan is fast, easy and convenient. We offer fixed rate and adjustable rate loans with terms to fit your needs. Rate information is subject to change daily.

Before you start shopping for a new home, visit with one of Barksdale Federal s Home Lending Consultants (HLC) and get pre-qualified for your home loan. You ll be able to shop for a new home in the price range that best fits your budget. Call 800-647-2328, option 8, to visit with an HLC today.

FHA, VA Conventional

VA financing is designed to benefit veterans of the armed services, those currently in active duty or the reserves, and their spouses. In order to qualify for VA financing you must be eligible as defined by the Department of Veterans Affairs.

Conventional Loans are Fixed in 10, 15, 20, or 30-year terms with the interest rate remaining fixed for the life of the loan.

Refinance

If you are interested in lowering your interest rates and payments, refinancing may be the option for you. We have refinance options up to 95% loan-to-value, fixed rate terms available, and local underwriting servicing.

Interim/Permanent Construction

You can receive financing during the construction phase with a permanent loan to payoff interim financing. This type of loan can be extremely helpful to those who may not be able to accurately anticipate the final costs.

Second Mortgage Refinance

Unlock the equity in your home! Our fixed rate Equity Loan unlocks the equity in your home* for you to use for a variety of purposes such as education, vacation, home improvements, credit card consolidation, vehicles – you name it. It s your equity; use it for you!

*$500.00 non refundable application fee on loans greater than $100,000.00.

Home Equity Line of Credit (HELOC)

A Barksdale Federal HELOC is a revolving line of credit with special FREE checks. When you use your HELOC, you literally write yourself a loan for whatever your special need may be. You may also access your funds through ACCESS24 (phone account access) and Global Access (internet account access). You can use your HELOC to:

  • Pay off higher interest rate credit cards
  • Purchase something special
  • Simply lower your monthly expenses by consolidating debt
  • Any other special need

The benefits include:

  • You can borrow as little as $10,000 or as much as $100,000
  • No origination fee
  • No appraisal fee
  • No points
  • No annual fee*
  • Borrow up to 95% of the equity in your home*
  • Interest you pay may be tax deductible (consult a tax advisor)
  • *$300 Fee may apply if initial draw is less than $10,000.

    Land Loan

    Application Information

    Property Information

    • If purchasing, copy of Purchase Agreement
    • If refinancing, copy of mortgage and insurance declaration page
    • If construction, copy of plans and specifications
    • If you currently own property, copy of cash sale deed or mortgage

    Borrower Information

    • Copy of divorce documents
    • Copy of bankruptcy proceedings with status and explanation
    • Gift letter or explanation of sources of funds for closing costs

    Income Information

    • Most recent pay stubs showing year-to-date earnings and pay period
    • If self-employed, last two years federal tax returns and W-2 forms
    • Documentation of any other income (if using for qualification)

    Other Information

    • Name and address of landlord(s) for the past 2 years
    • Explanation letter for any late payments, judgments, liens, bankruptcy or foreclosure
    • Closing Statement from sale of current property
    • Copies of last two months bank statements
    • Due to the U.S. Patriot Act, you may be asked for documentation concerning your identity
    • If non-resident, copy of Certificate of Resident Alien Status (Green Card)

    800-647-2328 � 318-549-8240
    Routing #: 311175093


    FHA Refinancing Options from #fha #refinance, #fha #refinancing, #fha #mortgage #refinance, #fha


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    FHA Refinancing

    Changes in the housing market have given you-and thousands of other Americans-the option to refinance your current home mortgage with a FHA Refinance.

    FHA Refinancing is a better option if you have a fair to good credit rating because, generally, FHA standards are less strict. Even if you likely will not qualify for conventional refinancing because of your income level, a FHA Refinance may still be an option for you.

    FHA Refinance Requirements

    There are some requirements that may apply when trying to refinance your current loan with the FHA. Keep in mind the following are simply guidelines-each borrower’s situation is different.

    • The mortgage that is to be refinanced must ultimately be insured through the FHA.
    • The current mortgage must be current and not delinquent.
    • The results of the refinance must lower the monthly principle and interest payments for the borrower.
    • No cash may be taken out on mortgages refinanced using the streamline refinance process.

    Other Information on FHA Refinances

    One Streamline Refinancing option you have is one that includes the closing costs into the new mortgage amount. This of course is only available if enough equity is in the home after it is appraised. The streamline refinance can occur without an appraisal but the new loan will not be able to exceed the original loan amount. If you are not living in the property (i.e. it is an investment property), the refinance can only occur without an appraisal.

    FHA Loans by State

    The FHA Home Loan Program

    The FHA has been insuring loans since the 1930’s, and their refinancing department has been around since the early 1980’s. The FHA/HUD also offers the option of FHA Streamline Refinancing. The “streamline” refers to the amount of paperwork and underwriting involved and not to a monetary factor (such as being cheaper or having no cost at all).

    Let FHA Mortgage Center.com be your guide to the benefits of a FHA Loan. FHA Mortgage Center.com is your one stop for all your FHA-related questions.

    We update our FHA Lending articles and Help Guide frequently with new FHA information. Our FHA Blog is another great source of information from top industry experts with topics ranging from FHA Loan Limits to current changes in the FHA Program. We offer these resources because, most of all, we want to provide you with information to help you decide if a FHA Loan is the right choice for you.

    FHA Mortgage Center.com Blog

    Latest Articles


    TIAA Direct Borrow #mortgage, #mortgages, #mortgage #lender, #home #mortgage, #home #equity, #refinance,


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    Borrow

    Why borrow from us?

    • Low fixed rates for conventional and jumbo mortgages compare them and see today’s rates .
    • Adjustable rate mortgages let you lock in a low rate the first few years. With 5/1 ARMs, rates are fixed the first 5 years. We also offer 3-, 7- and 10- year ARMs.
    • Mortgage Loan Consultants to help you from start to finish

    * Annual Percentage Rate

    All loans and lines are subject to credit approval, verification, and collateral evaluation and are originated by TIAA-CREF Trust Company, FSB. Products may not be available in all states. Products and interest rates are subject to change without notice. Manufactured and mobile homes are not eligible as collateral.

    1 While consolidation may decrease your overall monthly payment obligations, refinancing pre-existing debt with a home equity line will require you to give us a security interest in your home and may increase the total number of monthly debt payments, as well as the aggregate amount paid over the term of the line.

    TIAA Direct is a division of TIAA-CREF Trust Company, FSB.
    Member FDIC. Equal Housing Lender FDIC Icon
    2017 TIAA-CREF Trust Company, FSB.

    Learn more about TIAA . Investment, insurance and annuity products on TIAA.org are not offered or guaranteed by TIAA-CREF Trust Company, FSB and are not insured by the FDIC.


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    Frustrated and looking for answers on “How to Fix Your Credit?

    Have you tried to buy a home / Car only to be turned away or told to wait a year and try again?

    There are laws that protect the consumer but those laws are hard to find and harder to interpret. Quick Credit Clean LLC will provide you with our knowledge and experience to make these laws work for you instead of against you .

    It’s unfortunate but major companies are aware that the average consumer cannot interpret these laws and they are more than happy to use this to their advantage.

    What makes Quick Credit Clean LLC different?

    • Our system is a collaboration between the client ourselves. Working together ensures a much greater result.
    • Every client’s file is handled personally and “in-house” – this means no Outsourcing or breakdowns in communication. Again, increasing effectiveness.
    • Our process is completed within 45 to 180 days – NOT 18 months or more.
    • Our consultation/evaluation is always free – If we cannot help we would rather give you free advice and hope you’ll send us someone that does need our services.
    • Every client is given a “credit education” guide in an understandable format.


    Can “accurate” information be removed?

    Most consumers ( and professionals ) view credit daily without the correct information to interpret what is or isn’t truly accurate; Because of this the wrong call for accuracy is made every day. Once the accounts are viewed by someone that knows the ins – outs of the credit reporting system; we find that many of those harmful account are not accurate at all. Once these errors removed you really get to see you actual credit worthiness!

    Every day someone tells us an account is accurate – every day we prove why it’s not. Having the knowledge to determine the difference between accurate and inaccurate combined with the essentials for maximum scoring are the keys to making huge score gains. They also make sure big companies can t bully you into paying too much interest.

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    What items can be removed from your file:

    • Bankruptcy
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    Debt Consolidation #debt #consolidation, #debt #consolidation #loans, #mortgage #refinance, #compre #loans, #refinancing


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    Will consolidating my debts help?

    Key message

    Get advice about all your options before:

    • taking out a new loan to pay all your existing loans
    • taking out a loan to consolidate your debt

    For free, independent and confidential financial counselling, call MoneyHelp service on 1800 007 007.

    What is involved in consolidating debts?

    Lenders offer a range of refinancing and consolidating loans to people with debts.

    Refinancing means you get a new loan to pay out an existing loan.

    Consolidating is a type of refinancing that usually means getting a new loan to pay out a number of other loans.

    Many home loans have an option that allows the loan to be extended to consolidate other debts.

    The most common reasons people consolidate debts are to:

    • Reduce monthly debt payments,
    • Manage one debt instead of having a number of debts,
    • Save money by getting a consolidation loan with a lower interest rate to pay off debts with a high interest rate.

    Debt consolidation rarely saves you money. In most cases, debt consolidation is more expensive than keeping your loans as they are. Avoid debt consolidation companies as they usually charge exorbitant fees.

    It can put you, co-borrowers and other people who guarantee your loan, at increased financial risk.

    Should I refinance my home loan?

    If you want to include all your debts in your home loan it will probably be cheaper to extend the length of your current mortgage than to refinance.

    A new personal loan to pay out other debts will have a higher interest rate than your home loan and will likely have establishment and other start up fees.

    Will consolidation save money?

    In most cases, consolidating won’t save you money. If a new loan has a lower interest rate than the interest rate on your largest loan, then it might save you money to consolidate. But the cost of establishing the new loan, combined with early payment fees on your old loan, is usually higher than any savings you make on interest charges.

    Talk through your options with a financial counsellor before making a decision. MoneyHelp can be contacted on 1800 007 007.

    Should I use a guarantor or co-borrower?

    If you don’t own a house, a lender might offer you a consolidation loan if someone else, usually a family member or friend, signs as a guarantor or co-borrower.

    If you do not keep up with payments it can lead to the guarantor or co-borrower losing their home. Get advice about other options first.

    Can I cut years off my mortgage?

    There is no magic loan that cuts years off your mortgage or debts. For most people, the best debt reduction strategy is to:

    • Stop using more credit,
    • Continue paying your mortgage,
    • Pay as much as you can towards your non-mortgage loans,
    • When other debts are paid out, pay those extra funds towards your mortgage.

    What are my other options if I do not want to refinance or consolidate my debts?

    Your options will depend on what your main aim is and what constraints you have. If you have no assets, you may consider bankruptcy. If you have a mortgage, you may consider a Part IX Debt Agreement. Talk through your options with a financial counsellor before making a decision. MoneyHelp can be contacted on 1800 007 007.

    I want to pay off my debts off sooner

    1. Work out how much money you can allocate to your debts each month.
    2. Apply any excess funds to the most expensive debt, usually your credit card.
    3. When that debt is finalised, apply the excess to the next most expensive debt.
    4. Eventually you will probably be left with your home loan and you will be allocating all excess funds to it. This will reduce the term of your home loan.

    I hate having so many debts

    Consider easier ways of managing payments. Consider using bill payment services offered by your credit union or Australia Post that allow you to make one monthly payment.

    I cannot pay one or more of my debts

    Debt consolidation is not reversible, so always start by seeking advice from a financial counsellor about your debt problems.

    If you are having particular problems with one debt, for example threatened legal action or harassment by debt collectors, you should access free legal advice about your rights.

    Helpful links