Homeowners with a home equity line of credit, a home equity loan, or a second mortgage may want to refinance one or both of those mortgage loans to reduce their monthly payments, switch to a fixed-rate loan, or shorten the length of the loan. Today’s tightened credit standards mean that lenders may be less inclined [...]
Posts Tagged ‘debt’
Is a Second Mortgage an Obstacle to Refinancing?
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Prioritize your Debt and Consider Refinancing
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Personal finance columnist Liz Pulliam Weston, who writes regularly for MSN Money, summarized several debt pay-off plans, suggesting that each individual needs to find the plan that fits her needs. Debt management is a lot like dieting, requiring reduced spending instead of fewer calories, along with extra income instead of exercise. Dieting and debt management [...]
Refinancing and Controlling your Debt
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Homeowners who want to refinance sometimes bump up against two obstacles: first, their home may not be worth as much today, so they lack the equity to refinance. Second, the homeowners may have increased their spending over the years and find themselves with too much debt to qualify for a new loan.
Mortgage lenders want to [...]
Can Debt Management Improve Your Financial Health?
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Debt management (not to be confused with debt settlement) involves restructuring your debts to lower your payments and interest rates. The idea is to help you pay off your consumer debt faster. Debt management typically involves some counselling to help you learn about budgeting, making your payments on time, and managing your bills. Debt management [...]
Choosing and Using a Debt Management Program
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A debt management service acts as a liaison between you and your creditors. They negotiate a single for you, collect a single monthly payment, and distribute it to your creditors. The service charges a commission, usually a percentage of your monthly payment, and may also get rebates from your creditors.
How Debt Management Affects Your Credit
If [...]
Can I Refinance a Second Home?
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Refinancing a second home with Fannie or Freddie Mac doesn’t cost any more than refinancing a comparable primary home. There are no risk-based pricing adjustments for second homes. While financing an investment property at 80% of its value can add 3.75 points to your fees, that’s not the case with a second home that meets [...]
Refinancing a Stated Income Mortgage
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Whether you can get approved to refinance a stated income mortgage today depends to some extent on the reason you took out such a loan in the first place. If you needed one because you just didn’t want to deal with complex self-employment forms, or your business didn’t yet have a two-year track record (and [...]
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