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lowering my Mortgage and Consolidating Bills

Posted on: 12th Jan, 2007 01:33 pm
I want to lower my mortgage payment and consolidate my bills. I a Little credit problem. What should I do?
hi ctseth,

you can get lower rates by refinancing your mortgage but for that you need to contact some lenders and know if the current rates are lower than what you have right now. only then it would be proper for you to refinance. second thing is that you need to tell us if your mortgage has a prepayment penalty clause or not and how many years you are making payments. if prepayment penalty clause exists then you won't be able to refinance until the time period mentioned in the clause passes.

the other thing you have asked is about consolidation of your bills, there are many debt consolidation firms which will provide guidance and help you with consolidation of your debts. you can contact them and discuss your problem.

Posted on: 12th Jan, 2007 01:49 pm
Ctseth, David is right. You will need to speak with a mortgage professional in order to determine what you can qualify for. Please give me a call at your earliest convenience.
Posted on: 12th Jan, 2007 02:30 pm
Ctseth, you can consult a debt consolidation company. Debt consolidation involves taking a big loan and paying off the accounts which are due. Then you can pay off the new loan in monthly installments. Managing one loan is more convenient as you need to deal with one creditor instead of different creditors charging you different rates at different times of the month.
Posted on: 13th Jan, 2007 10:07 am
But ctseth, if you have credit problems then you may not qualify for lower rates on the debt consolidation loan. Also, there is nothing to secure the loan, so the creditor can charge high rate comparatively.

The best thing will be to calculate the total payment on the loans for which you have been paying and then compare it with the payment on the consolidation loan.

It's better to shop around with number of debt consolidation companies so that you come across the one offering an attractive loan rate.
Posted on: 13th Jan, 2007 10:19 am
Hi Ctseth,

It's better to discuss your situation with a credit counselor if you are having credit problems. He can advise you on how to manage your money wisely so that you can continue paying for the home loan without having to worry much about a new consolidation loan.

The credit counselor will discuss your financial situation and help you develop a budget with which you can pay off debts.

Hope this helps you.

God bless you.

Posted on: 13th Jan, 2007 10:54 am
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