Articles by justinnarin on ArticleSnatch.com

Factors Affecting Credit Score

Wed, 12 Aug 2009 12:25:01 -0400

There are five key factors that go into calculating your credit score, with certain items carrying more weight than others. These factors are as follows: 1) Payment history, which counts for approximately 35% of your score, is the most heavily weighted factor used in calculating your credit score. Consistently paying your bills on time has a positive influence on your score, while late or missed payments will hurt you in this area. If you have delinquent payments, the older the delinquency the less the negative impact on your score will be. Collection accounts and bankruptcy filings are also taken into consideration when analyzing your payment history. 2) Total debt and total available credit, which counts for about 30%. This section looks at how much debt you have compared to the total available credit on your accounts. If all of your accounts are maxed out, you will be considered a poor credit risk, because it appears that you are struggling to pay off the debt you have already incurred. If your account balances are relatively low compared to your available credit, this part of the risk analysis should help your overall credit score. **End Summary** Topics: Debt consolidation]]> debt relief]]> mortgage refinance]]> credit]]> ]]>]]> About the Author: ]]> About the Author: Justin has 5 years of experience as financial adviser; his key areas are consolidation, insurance, debt relief, mortgages etc. For more free articles and advice visit http://www.Bills.com.

Understanding Judicial Foreclosure

Mon, 03 Aug 2009 14:42:00 -0400

Foreclosure Foreclosure is one of the most severe and difficult financial processes for any consumer. Unfortunately, foreclosures are also peaking, meaning thousands of American families are now facing this dire consequence. What does it mean, and what can you do to avoid foreclosure? What is Foreclosure? Foreclosure is the legal process through which a lender (most typically a mortgage lender) claims an asset from the consumer borrower. Foreclosure is almost always the result of default on payment. A very important consideration for mortgage payment is that lenders cannot take partial payment on the mortgage monthly payment. What that means is that, unlike a credit card, you cannot mail in a portion of your paymentâ€¦ a mortgage payment is all or nothing. This also means that if you miss one payment, the next month you have to re-pay the current month and all arrears! This, in addition to exotic mortgage products and rising rates, can drive many otherwise financially stable people into foreclosure. There are two types of foreclosure: judicial and non-judicial foreclosure. Judicial Foreclosure: A judicial foreclosure basically means that the foreclosure is a court ordered legal process. **End Summary** Topics: Foreclosure]]> sub prime loan]]> mortgage refinance]]> debt consol]]>]]> About the Author: ]]> About the Author: Justin has 5 years of experience as financial adviser; his key areas are consolidation, insurance, debt relief, mortgages etc. For more free articles and advice visit http://www.Bills.com.

Subprime Loans and the Real Estate Market

Wed, 29 Jul 2009 15:02:11 -0400

The recent problems with subprime loans will eventually affect all aspects of real estate. The real estate market is supported by all home owners, including those with subprime loans. A massive jolt in one sector (subprimes) affects those in other areas (prime loan holders). The reason the market works this way is that we buy and sell homes among each other. In most cases, people sell one house to upgrade or downsize. In order for someone to upgrade their home, they need to have someone purchase it (i.e. someone lower in the real estate market looking to move up to your current level). Without buyers, sellers arenâ€™t selling and theyâ€™re stuck where theyâ€™re at. The Workings Behind Subprime Loans Basically the current fallout with subprime loans is due to their structure and lending. Subprime loans often come with higher interest rates, added fees, and fluctuating terms. Most subprime loans have a low, introductory interest rate for the first two to five years. Then, after this introductory periodâ€, the rate goes up to the standard prime rate PLUS 5% or more. For, example, if the current prime interest rate is 5. **End Summary** Topics: Subprime Loan]]> mortgage refinance]]> debt consolidation]]> credi]]>]]> About the Author: ]]> About the Author: Justin has 5 years of experience as financial adviser; his key areas are consolidation, insurance, debt relief, mortgages etc. For more free articles and advice visit http://www.Bills.com.

Get the Best Mortgage Refinancing Rate

Mon, 27 Jul 2009 13:28:13 -0400

In order for you to get the best mortgage-refinancing rate available to you, you will have to do a little research and a little math. Because it costs money out of pocket to refinance, it is only beneficial to you if you plan on staying in your home long enough to make up the difference between your refinancing costs and your interest savings. If your loan has a pre-payment penalty, make sure your savings will more than cover the cost of the penalty. Some penalties may be high enough to prohibit refinancing entirely. No-Cost Refinancing Most no-costâ€ refinancing options have higher interest rates than similar loans that do require closing costs. Some no-costâ€ lenders offer rebates on points to help counteract the higher interest rate and cover some of the fees not covered by the lender. It is always best to make sure that you understand your refinancing paperwork as there may be other fees that you are still your responsibility. The higher interest rate on a no-costâ€ refinance can be the best mortgage-refinancing rate if you plan to sell your home in a few years and have an interest rate above the current market rate for a no-costâ€ refinance. **End Summary** Topics: Mortgage refinance]]> debt consolidation]]> credit]]> finance]]> deb]]>]]> About the Author: ]]> Justin has 5 years of experience as financial adviser; his key areas are consolidation, insurance, debt relief, mortgages etc. For more free articles and advice visit http://www.Bills.com.

FHA Mortgage Insurance

Wed, 22 Jul 2009 15:18:34 -0400

The FHA loan insurance program was created to help first-time buyers get into homes. However, first-time buyers usually don't have 20% down payments and may have a spottier credit history. In order to provide protect taxpayers from paying for defaulted FHA mortgages, the loans include mortgage insurance premiums (MIP). The FHA Mortgage Insurance Premium FHA mortgage insurance is similar to the private mortgage insurance (PMI) required for conventional mortgages with down payments below 20%, but there are some key differences. Up-front fees: Unlike the traditional PMI, the FHA MIP includes a 1.5% up-front fee at time of closing. The fee is usually included in the loan, so you pay it over the life of the loan. Rate: The FHA MIP is also mandated at .5% of the loan amount per year, divided over 12 months. PMI rates are also usually .5% divided over 12 months, but the rates do vary by lender. Removal: Unlike PMI, the FHA MIP is mandatory for the first five years of loans with terms of more than 15 years, even if your loan balance reaches 78% of the original home value or sales price. **End Summary** Topics: Mortgage refinancing]]> second mortgage]]> bad credit]]> home equi]]>]]> About the Author: ]]> About the Author: Justin has 5 years of experience as financial adviser; his key areas are consolidation, insurance, debt relief, mortgages etc. For more free articles and advice visit http://www.Bills.com.

Find the Best Bad Credit Second Mortgage

Mon, 20 Jul 2009 00:00:00 -0400

Nobody ever intends to end up with bad credit. When you decide to consolidate your credit card debt and student loans or make home improvements and realize your credit is not what you had hoped, it can be a big blow. The good news is that you still have options. A secured loan or a loan secured against some kind of collateral is easier to obtain for people with bad credit than an unsecured loan. However, remember that a loan secured against your home means that the lender takes your property if you cannot make your payments, so be sure that you need and not just want that loan. Types of Bad Credit Second Mortgages Just like a second mortgage for people with good credit, you have two choices: * Home equity loan * Home equity line of credit Both loans are determined based on the amount of equity that you have built up on your home -- the amount that you still owe on your mortgage subtracted from the total value of your home. **End Summary** Topics: Mortgage refinancing]]> second mortgage]]> bad credit]]> home equi]]>]]> About the Author: ]]> About the Author: Justin has 5 years of experience as financial adviser; his key areas are consolidation, insurance, debt relief, mortgages etc. For more free articles and advice visit http://www.Bills.com.

Points to Consider with a Refi Mortgage

Mon, 20 Jul 2009 00:00:00 -0400

A refi mortgage can be used for several purposes to lower your interest rate, to lock in a fixed interest rate, to pay off credit card debts, or to combine two mortgages into one. It is a substantial financial decision to make, so make sure you are well informed with information before taking any action on a refi mortgage. The following information should help you be a more educated shopper when it comes to looking for a refi mortgage. If you are thinking of paying off credit card debt with a refi mortgage, consider the following: * Lower Interest Rate. A refi mortgage will almost certainly lower the interest you are paying. Average annual interest rates on 30 fixed mortgages currently stand at approximately 6.4%. If you have $20,000 in credit card debt, the difference between a 15% interest rate and a 6.4% interest rate will be more than $140 per month. * Interest is Tax Deductible. Mortgage interest is usually tax deductible, while credit card interest is not. What this means is that a refi mortgage will not only lower the interest you are paying, but also lower your tax burden. **End Summary** Topics: Mortgage refinancing]]> second mortgage]]> bad credit]]> home equi]]>]]> About the Author: ]]> About the Author: Justin has 5 years of experience as financial adviser; his key areas are consolidation, insurance, debt relief, mortgages etc. For more free articles and advice visit http://www.Bills.com.

Refinancing Second Mortgage

Fri, 17 Jul 2009 00:00:00 -0400

A second mortgage, also called a home equity loan, often has a much higher interest rate than a first mortgage. This is because the second mortgage isnâ€™t repaid until the first mortgage is repaid if you default. The additional interest is a form of protection for your secondary lender. If youâ€™ve accrued additional equity, you may be able to refinance the second mortgage to a lower rate or save even more by combining both your first and second mortgage into a new first mortgage. Not only will your payments be simplified, but also your new interest rate will most likely be lower than the average interest rate of your two loans. This could potentially save you thousands of dollars in interest over the life of the loan. If you donâ€™t have equity or your credit worthiness has worsened, you most likely wonâ€™t qualify for a low enough interest rate to make refinancing either loan worthwhile. Mortgage Refinance Options You have three options for refinancing a mortgage: consolidate, only refinance the second, or only refinance the first. Consolidate Both Loans Consolidating both loans is the easiest way to refinance and save money. **End Summary** Topics: Mortgage refinancing]]> home equity loan]]> debt consolidation]]> ]]>]]> About the Author: ]]> About the Author: Justin has 5 years of experience as financial adviser; his key areas are consolidation, insurance, debt relief, mortgages etc. For more free articles and advice visit http://www.Bills.com.

Home Equity Loan or Home Loan Mortgage Refinancing?

Tue, 14 Jul 2009 00:00:00 -0400

If you are considering taking out a secured loan against your home, two of your options are home loan mortgage refinancing with cash-out or home equity loans. Depending on your particular situation one may be better for you financially that the other. Cash-Out Refinancing A cash-out refinance is refinancing your mortgage for more than the current balance on your first mortgage. Home loan mortgage refinancing usually has a lower interest rate than home equity loans, but if you borrow more than 80% of your homeâ€™s value then you may have to pay private mortgage insurance. If you have had your mortgage long enough that you are paying more principal than interest each month or if you currently have a good interest rate, it does not make much sense to refinance and a home equity loan will probably be a better option. Home Equity Loan A home equity loan is a loan on the difference between the market value of your home and the balance that you still owe on your mortgage. As a separate loan in addition to your mortgage, you do not usually pay the closing cost associated with a mortgage and the interest is usually tax deductable. **End Summary** Topics: Mortgage refinancing]]> home Loan]]> debt consolidation]]> bill co]]>]]> About the Author: ]]> About Author: Justin has 5 years of experience as financial adviser; his key areas are consolidation, insurance, debt relief, mortgages etc. For more free articles and advice visit http://www.Bills.com.

Is Now the Time for a Mortgage Refinance?

Tue, 14 Jul 2009 00:00:00 -0400

Home mortgage rates are up half a percent from one year ago, but down half a percent from March -- and while this latest rate decrease has led to a surge of mortgage refinancing (refi) activity, homeowners should consider the pros and cons of refinancing in their situation before they sign up for a new deal on their home loan. Some homeowners are sitting on adjustable rate mortgages (ARMs) wondering if now is the time for a mortgage refinance into a fixed-rate loan. They may worry -- and rightly so -- about payments increasing, especially in an atmosphere where home values might decline. Other homeowners may want to use cash from their equity to pay for kidsâ€™ college tuition, take advantage of lower prices to put a down payment on a second home, or remodel existing homes. Predicting mortgage rates involves researching a complex set of variables, including market liquidity, the status of inflation, financial markets, and the state of U.S. currency. In light of the confusing market, homeowners should consider the following tips to help in deciding if they would be wiser to get a mortgage refinance now or keep their current mortgage. **End Summary** Topics: Mortgage refinancing]]> home Loan]]> debt consolidation]]> bill co]]>]]> About the Author: ]]> About the Author: Justin has 5 years of experience as financial adviser; his key areas are consolidation, insurance, debt relief, mortgages etc. For more free articles and advice visit http://www.Bills.com.

The Federal Housing Administration, Fannie Mae, and Freddie Mac

Wed, 08 Jul 2009 00:00:00 -0400

The Federal Housing Administration is just one part of the government created system to keep the mortgage market and help homebuyers become homeowners. Although none make loans directly to consumers, each has a very important role to play and none could continue to operate without the other. The Federal Housing Administration More commonly known as the FHA, the Federal Housing Administration is a part of the Department of Housing and Urban Development. The FHAâ€™s role is to stabilize the housing market by helping first time buyers become owners and current owners refinance difficult mortgages. It also offers loans to Native Americans buying homes on reservations and buyers rehabilitating distressed homes. The FHA sets requirements for the loans it insures, and also approves and monitors lenders who issue FHA-insured loans to buyers. The FHA insures those loans by collecting mortgage insurance premiums, and paying claims to lenders if the loans go into default. Because it is a part of the federal government, the FHA is able to insure loans issued to less-qualified buyers than conventional lenders could. This enables more people to move into the market. **End Summary** Topics: FHA Secure]]> Home Loan]]> debt consolidation]]> bill consolidatio]]>]]> About the Author: ]]> About the Author: Justin has 5 years of experience as financial adviser; his key areas are consolidation, insurance, debt relief, mortgages etc. For more free articles and advice visit http://www.Bills.com.

FHA Streamlined Refinance FAQs

Mon, 06 Jul 2009 00:00:00 -0400

If you already have an FHA loan and interest rates have fallen, or you have an adjustable-rate FHA mortgage and would like a fixed-rate mortgage, you may be eligible for an FHA Streamlined Refinance. What is the Streamlined Refinance? The FHA has permitted streamlined refinance loans since the 1980s. A streamlined refinance is the same as a conventional refinance, but with reduced paperwork. It does not eliminate all of the fees or costs associated with refinancing. Some fees and costs may be reduced or eliminated, however, because of the reduced paperwork and lower number of requirements that must be met. What are the requirements to qualify for a streamlined FHA refinance? To qualify for a streamlined refinance, you must meet the following basic qualifications: * You already have an FHA-insured mortgage * The mortgage payments are current * You want to reduce your interest rate or monthly payments * You don't want a cash-out refinance Can I get a no-cost FHA refinance? Some lenders offer streamlined refinancing, however it simply means that you don't pay cash out of your own pocket to cover the fees. **End Summary** Topics: FHA]]> FHA Refinance]]> Home Loan]]> debt consolidation]]> bill cons]]>]]> About the Author: ]]> About the Author: Justin has 5 years of experience as financial adviser; his key areas are consolidation, insurance, debt relief, mortgages etc. For more free articles and advice visit http://www.Bills.com.

FHA Secure Program - Avoid Foreclosure

Mon, 06 Jul 2009 00:00:00 -0400

The FHA Secure program was introduced in late 2007 by the Federal Housing Administration and President Bush. Unlike most other FHA loan programs, this program is designed for homeowners who are at risk for foreclosure due to steeply increasing payments on adjustable-rate mortgages. The majority of people in the program have subprime loans, but homeowners with hybrid ARMs, option ARMs, and prime-rate ARMs may also qualify. FHA Secure Eligibility Contrary to initial reports, you don't have to be delinquent on your mortgage in order to qualify. You also don't have to wait until your rate resets to apply for a loan under the program. If you meet the following requirements and lending standards, you may be eligible to refinance through the program: * Original loan was not an FHA mortgage * Payments prior to the reset were current * No late payments in the six months prior to the reset * Adequate income to meet payments under a new mortgage * Debt-to-income ratio less than 43% * Minimum 3% equity in the home * Rate has reset or will reset by December 31, 2008 * Remaining loan balance is lower than the local loan limit. **End Summary** Topics: FHA Secure]]> Home Loan]]> debt consolidation]]> bill consolidatio]]>]]> About the Author: ]]> About the Author Justin has 5 years of experience as financial adviser; his key areas are consolidation, insurance, debt relief, mortgages etc. For more free articles and advice visit http://www.Bills.com.

Car and Personal Loan Consolidation

Wed, 01 Jul 2009 00:00:00 -0400

Can I Consolidate My Car and Personal Loans? Yes, you can consolidate your car and personal loans if you qualify for a larger loan. Usually itâ€™s easiest if you own a home with enough of an equity cushion to borrow against it. However, you can consolidate even if you donâ€™t own a home. Home Equity Consolidating Dos and Don'ts Before you pull cash out of your home, or tap a home equity line of credit, consider the following dos and donâ€™ts. Do list all your car and personal loan balances and interest rates. Do contact your current lender and several other lenders for rate quotes. Do visit a tax website to determine whether you qualify for a home equity loan interest tax deduction. If you must pay the alternative minimum tax (AMT), then youâ€™re not eligible for this deduction. Do study your budget to make sure you can comfortably afford the closing costs and monthly payments of the home equity loan. Do compare several loan offers to ensure you receive the best rate and the most reasonable fees from a lender with a good reputation. Donâ€™t agree to a loan from the first lender who makes an offer. **End Summary** Topics: Debt consolidation]]> bill consolidation loan]]> credit]]> finance]]>]]> About the Author: ]]> About the Author Justin has 5 years of experience as financial adviser; his key areas are consolidation, insurance, debt relief, mortgages etc. For more free articles and advice visit http://www.Bills.com.

Student Loan Debt Help

Tue, 30 Jun 2009 00:00:00 -0400

Repaying Your Student Loan Debt The average college student graduates with $19,000 in student loan debt, but many carry up to $40,000. For students continuing on to professional or graduate school, or those who attended top-tier schools, the tally can top $150,000. The simple fact is that student loan debt repayment canâ€™t be permanently avoided, but there are several ways to take the sting out of the monthly bill. Below are some student loan debt help solutions and advice. Pre-Pay Student Loan Debt If possible, repay some of your student debt before you graduate or your interest deferral period ends. Early payments for subsidized loans are applied to the principal, which reduces both your principal balance and the interest you pay over the life of the loan. Payments toward unsubsidized loans are first applied to accrued interest, but that can also reduce the life of the loan and save you money in the end. Consolidate Student Loans to Create New Payment Options Federal student loans issued before July 1, 2006 have variable rates, which means the interest rate resets annually on June 30. Federal loans issued after that date have a fixed interest rate. **End Summary** Topics: Student loan]]> student loan debt help]]> debt consolidation]]> bi]]>]]> About the Author: ]]> Justin has 5 years of experience as financial adviser; his key areas are consolidation, insurance, debt relief, mortgages etc. For more free articles and advice visit http://www.Bills.com.

Homeowners Insurance Basics

Fri, 26 Jun 2009 00:00:00 -0400

When purchasing a home, your mind is probably filled with the details of the mortgage and the move. What kind of homeowners insurance you're receiving may be the last thing on your mind, but here's why it shouldn't be. Types and amounts of coverage vary considerably from policy to policy and company to company. Imagine how desperate you would be in the case of a total loss of your home, and you can begin to understand how important this choice is. You should never lose sight of the fact that it is your decision, and an important one to protect your number one asset. You need to know how the homeowners insurance company will determine the value of your home, what is covered including the property in the home, and the level of liability coverage for damage accidentally caused to your home or someone else's property. How much would it cost to replace your belongings contained in the home? These and other questions should take center stage when selecting a home insurance policy. The homeowners insurance company may determine the worth of your home several ways. **End Summary** Topics: Home insurance]]> insurance]]> debt consolidation]]>]]> About the Author: ]]> Justin has 5 years of experience as financial adviser; his key areas are consolidation, insurance, debt relief, mortgages etc. For more free articles and advice visit http://www.Bills.com.

Get Your Credit Report and Analysis

Wed, 24 Jun 2009 00:00:00 -0400

It is very important to get your credit report and analysis. Why is this important? For one thing, if you're thinking about buying a house or applying for credit for any other big purchase, you'll need a clean credit report, and it's always best to get your credit report and analysis before your lender does. This will give you an opportunity to clean up any discrepancies or errors, which are fairly common, and which can throw a monkey wrench in the works if not resolved. Ideally, you should get your credit report and analysis once a year with each of the three credit bureaus: * Equifax (800) 685-1111, www.equifax.com * Trans Union (800) 888-4213, www.transunion.com; * Experian (888) 397-3742, www.experian.com You're entitled by law to get your credit report and analysis for free from each of these three credit bureaus once a year. You can get all three at once or spread them out over the year. If you get your credit report and analysis more frequently than that, each report will cost no more than around $10 and in some states considerably less. **End Summary** Topics: Credit]]> credit score]]> credit report]]> credit history]]> credit]]>]]> About the Author: ]]> About the Author: Justin has 5 years of experience as financial adviser; his key areas are consolidation, insurance, debt relief, mortgages etc. For more free articles and advice visit http://www.Bills.com.

Your Home Loan Application

Tue, 23 Jun 2009 00:00:00 -0400

A home loan application can be very confusing for some people. If you're in the market for a home, but have never even seen a home loan application, this guide will help you better prepare for your loan application. After reading this information, you should have a better understanding of the loan process. Itemize Your Debt Before you do anything, you first need to establish whether or not you can afford a loan. This will save you significant time and money. To figure out if you have the finances to take on a loan, you first need to identify your debt. List your items of debt on a piece of paper. Debt means anything you can't pay off within a month, such as car payments, credit card balances, alimony, etc. Collect all paper work related to your debt and create a list of everything. Your debt will come into play when applying for a loan so you need to know and have available everything related to your debt. List Your Recent Addresses Part of the loan application process involves listing your previous residences. This includes apartments and times lived with any relatives. **End Summary** Topics: Home loan]]> home loan application]]> debt consolidation]]> bill c]]>]]> About the Author: ]]> About the Author: Justin has 5 years of experience as financial adviser; his key areas are consolidation, insurance, debt relief, mortgages etc. For more free articles and advice visit http://www.Bills.com.

The Truth about Low Interest Bill Consolidation Loans

Fri, 19 Jun 2009 00:00:00 -0400

Credit cards can easily get you in trouble. If you charge too much and donâ€™t pay what youâ€™ve charged each month, before you know it your credit card balance is enormous. And depending on how high your interest rate is, it can get even bigger if you donâ€™t aggressively tackle your balance. One solution to managing out-of-control credit card bills and other debts is through low interest bill consolidation loans. These types of loans are designed to help you get a better handle on your debt. Basically you get low interest bill consolidation loans to pay off delinquent debts or balances that are on high interest credit cards or other loans. You should only need to get one loan if you qualify for one that has the perfect interest rate. These types of loans are also good for getting you out of an erratic adjustable rate loan where the interest rate fluctuates drastically. However, a low interest debt consolidation loan can only do so much. It doesnâ€™t reduce your debt. It merely resets your interest rate so you can start tackling it aggressively. You need to establish a plan of attack for paying down your debt. **End Summary** Topics: Debt consolidation]]> bill consolidation loan]]> credit]]> finance]]>]]> About the Author: ]]> About the Author: Justin has 5 years of experience as financial adviser; his key areas are consolidation, insurance, debt relief, mortgages etc. For more free articles and advice visit http://www.Bills.com.

Online Credit Card Debt Help

Wed, 17 Jun 2009 00:00:00 -0400

Online Credit Card Debt Help and Resources If youâ€™re in credit card debt, youâ€™ll find numerous online sources and solutions. You can check your credit, find credit offers, research credit counseling services, research debt consolidation loans, apply for debt consolidation services, and find free financial calculators online with just a few clicks. Check Credit Reports Free Online Go to http://www.annualcreditreport.com to pull your credit reports for free if the interest rates or minimum payments on your credit cards suddenly spike, but you havenâ€™t missed any payments or paid late. Review all three reports carefully for errors like misreported late payments and accounts that donâ€™t belong to you. You can pull your credit reports once per year. Whether or not you have debt, you should get into the habit of checking your reports annually. Use Financial Calculator to Make a Payment Plan If youâ€™ve decided to get out of debt without loans or counseling, or want to compare various debt consolidation offers, free financial calculators can help. **End Summary** Topics: Credit card debt]]> credit]]> finance]]> debt]]> debt help]]> debt rel]]>]]> About the Author: ]]> About the Author: Justin has 5 years of experience as financial adviser; his key areas are consolidation, insurance, debt relief, mortgages etc. For more free articles and advice visit http://www.Bills.com.

Loan-to-Value Ratio Information

Tue, 16 Jun 2009 00:00:00 -0400

As it is with most industries, the mortgage business has terminology used exclusively within the world of home loans. When securing a mortgage, especially for the first time, you may find your head buzzing with that new terminology. Does your mortgage have a fixed rate or is it an ARM (Adjustable Rate Mortgage)? If you're taking out a second mortgage, is it a "closed end" second or a HELOC (Home Equity Line of Credit)? What is your DTI (debt to income ratio)? LTV is another acronym commonly used when discussing a loan program. Standing for Loan to Value, LTV can be defined several ways and it has big implications for how much equity you have, and the size of a loan you can get. Simply speaking, LTV refers to the percentage that results when the amount you owe on the loan is divided by the home's value. Thus, if your loan is for $80,000 on a $100,000 home, your loan to value would be 80,000 divided by 100,000 or 80%. That also means that you have 20% equity in your home, or $20,000 of equity value in this scenario. **End Summary** Topics: Loan]]> Loan to Value Ratio]]> Mortgage]]> Mortgage Refinance]]> Bil]]>]]> About the Author: ]]> About the Author: Justin has 5 years of experience as financial adviser; his key areas are consolidation, insurance, debt relief, mortgages etc. For more free articles and advice visit http://www.Bills.com.

Debt Management Tips

Tue, 16 Jun 2009 00:00:00 -0400

Todayâ€™s college students graduate with an average of $4,000 in credit card debt, in addition to student loans. While youâ€™re in college, itâ€™s easy to charge something or take out another loan without considering what it will do to your future budget, but you should. If you start learning debt management skills now, youâ€™ll be much better off once you enter the workforce. Review these three college debt management tips to get started. Debt Management Tip 1: Control Your Expenses College students have a lot of expenses. The first step in debt management is simple money management. Learn how to track your income and expenses and ensure that your income is higher than your expenses. Of course, most college students are in the reverse situation because of the high cost of tuition and low-pay employment, but you should track your income and expenses anyway. **End Summary** Topics: Debt management]]> debt consolidation]]> debt]]> debt help]]> debt r]]>]]> About the Author: ]]> About the Author: Justin has 5 years of experience as financial adviser; his key areas are consolidation, insurance, debt relief, mortgages etc. For more free articles and advice visit http://www.Bills.com.

Understanding Credit Counseling Services

Tue, 09 Jun 2009 00:00:00 -0400

Credit counseling services have helped millions of people break the debt cycle. If youâ€™re considering counseling, review these frequently asked questions to learn more about the credit industry and its practices. Are All Credit Counseling Services Non-Profit? Most are considered tax-exempt non-profit organizations, however not all of them are. Before you sign up with a service, verify that itâ€™s not more interested in turning a profit than it is in helping you. Start by checking them out at the Department of Justiceâ€™s bankruptcy website and the Better Business Bureau. Remember, being non-profit doesnâ€™t automatically make them legitimate. Can They Help with All Debts? For the most part, they can help you resolve any debt situation, but the various options arenâ€™t available for all debts. Mortgages and student loans usually canâ€™t be settled or entered into debt management programs. Student loans can be consolidated, however. You may also be able to reduce car loan interest through debt consolidation. Medical bills and credit card bills are the easiest for credit counselors to deal with. How Are Counseling Services Paid? Most services are actually funded by contributions they receive from creditors. **End Summary** Topics: Credit counseling]]> Bill consolidation]]> debt consolidation]]> d]]>]]> About the Author: ]]> About the Author: Justin has 5 years of experience as financial adviser; his key areas are consolidation, insurance, debt relief, mortgages etc. For more free articles and advice visit http://www.Bills.com.

Find a Bill Consolidation Loan for You

Sat, 06 Jun 2009 00:00:00 -0400

It would be great if simply consolidating your debt could solve all of your financial woes. Most debt consolidators advertise a single monthly payment that is lower than your multiple payments combined. When swamped with bills, that sounds like a great solution. Because you will be paying less each month, you can use the rest of your take home income elsewhere. The cost to you over the long term could be detrimental, though. Before you jump into a debt consolidation loan, there are a few things to consider. Before Signing for a Bill Consolidation Loan Shop Around By looking at what is available to you with your credit score and current debt you can get a better idea as to whether a consolidation loan is a wise choice or not. Most creditors will try to convince you that consolidating with them will save you time and money. This may be true, but make sure before you sign on the dotted line. Check internet calculators to assess your debt and speak with a wide range of lenders about your situation to get an idea of your options. Do the Math Will it really be beneficial for you to consolidate? **End Summary** Topics: Bill consolidation]]> debt consolidation]]> debt]]> debt help]]> deb]]>]]> About the Author: ]]> About the Author: Justin has 5 years of experience as financial adviser; his key areas are consolidation, insurance, debt relief, mortgages etc. For more free articles and advice visit http://www.Bills.com.

No Cost Mortgage Refinancing Explained

Fri, 05 Jun 2009 00:00:00 -0400

What Is No Cost Mortgage Refinancing? Most people look for no cost mortgage refinancing when interest rates are sliding and they want to take advantage of a lower rate without paying any up-front costs. Although new home purchasers can also find no or low-cost mortgages, theyâ€™re for more common in the refinance market. Unfortunately, a no cost mortgage isnâ€™t really cheaper over the long term. Instead of paying fees out-of-pocket, closing costs, or other costs at the time of the loan, the interest rate is .25 to .5 percent higher to cover the lenderâ€™s costs and any third-party fees the lenders promises you arenâ€™t paying. The lender isnâ€™t giving anything away for free. No cost mortgages come in three flavors: * No points, but you pay lender fees and third-party fees * Zero lender fees, but you pay third-party fees * No cash up-front, but all the fees and costs are bundled into the loanâ€™s interest rate. A true no-cost mortgage would have the same interest rate as other loans and no payments to the lender or third parties. Understandably, these loans are nearly impossible to find. Is No Cost Mortgage Refinancing Right for Me? **End Summary** Topics: Mortgage refinance]]> home refinance]]> debt]]> debt consolidation]]>]]> About the Author: ]]> About the Author: Justin has 5 years of experience as financial adviser; his key areas are consolidation, insurance, debt relief, mortgages etc. For more free articles and advice visit http://www.Bills.com.