Financial Articles

Debt is a BURDEN, Yes it is. Especially if you're loaded with it. For example Credit card debts can cause a lot of financial problems. Often times, consumers have more debt payments to make than income coming in, This is a reality, most people don't know how to control their spending, and most people don't know how to manage their payments.

Don't let your debt take over your life, would you rather choose living paycheck to pacycheck, and sometimes even you're paycheck is not enough anymore? So you're asking yourself now, what is the point of this article? I have but only 1 point to make, it's Only get what you need and not what you want. That's it. Needless to say, it sounds easy but it's awfully hard for most people to follow.

Here's some basic financial management plan for you people out there.

1. List all your monthly debt payments.

2. Find out how much is you're average monthly income.

3. Now, here's the fun part. do this formula : monthly income - monthly debt payments.

4. If you have something left, then budget that with your groceries and other neccesities.

5. If there's nothing left, then Oh boy, you need a second job.

The above plan is to illustrate how simple it is to manage paying your debt and living at the same time.

Now, the above plan is not enough. If you have a lot of debt payments to make every month, it's probably be best to enroll into a debt management plan. They'll negotiate for a lower percentage rate with your creditors.

Or, you could also call your creditors, and explain your situation. They might put you into a payment plan. (Don't and I mean Don't enroll into those debt settlement offers out there. Settling your debt is best done if you yourself do it with your creditor. Why pay a company a certain percentage of your settled debt? Whereas you can do it yourself. Listen, their chances and your chances of settling your debt is slim to none, so it's just the same. Don't get fooled by their offers saying only pay 10% of your debt. DO it yourself.

Or you could always file for bankruptcy - Chapter 7. But, just be prepared of the lasting complications it will give you.

So that's it for now. All I can say is, there is no quick solution to debt. UNLESS you win the Mega Millions or Powerball. :)

Getting a loan from a Bad Credit Mortgage Lender may not be that hard and impossible anymore, However, not all Mortgage Lenders that you see on TV or hear on the radio can accomodate people who have Bad Credit, Most of the time, the rate advertised only applies to Goog Credit Borrowers.

Having a Score of 500+ is not the end of the world, It's wise to shop around and browse arround, don't accept the first rate that you see. Some lenders have started offering a variety of mortgages, including home loans to low credit scores. This makes homeownership attainable. Because many traditional lenders favor prime borrowers, you can not meet some requirements that the lender requires. Apply for a loan with a sub prime mortgage lender If you're unable to get approved for a mortgage loan with a traditional lender, try getting a quote from TILA Mortgage Quote.

These lenders are very useful because they work with a variety of credit situations. If getting a sub prime loan, a good credit is not necessary. While major lenders choose good credit home buyers, if you have Bad Credit you can still get approved , there are drawbacks to these loans. For starters, the interest rates on these loans are unbelievably high, so repayment will be an issue here.

A higher rate of interest usually involves paying a higher mortgage payment. To avoid being deceived by a dishonest mortgage lender, use an online mortgage quote from TILA Mortgage Quote and get multiple quotes from reputable lenders.

Get a lower interest rate compared to what you currently have now. If existing home owners have interest rate above 5%, it's a great idea to get a refinance loan. Home owners can either Combine or pay off bills, Get cash for home improvements or home repairs. A new interest rate is 2% or more below than the rate that you have now, and if you plan to stay in your home for three or more years. If you refinance to consolidate bills and pay off debts, your total monthly payments can be less than what you pay now. However, your monthly mortgage payment will be higher. But itn the long run, the interest rate on your mortgage will be lower than the interest rate on your credit cards. Try getting a Home Refinance Loan Quote from TILA Mortgage Quote.

Just so you know that if you get behind on your monthly mortgage payment, you may lose your home. Home Owners think that if their homes are taken due to foreclosure that they don't have to pay anything back to the lender anymore. But that is a big misconception, Home owners are still bound to the loan, and they still have to repay the loan even if it's on Foreclosure.

If you just need the money for home repairs, There are programs for that, and you may qualify for a low interest government loan. How do I find a lender? Banks, mortgage companies and credit unions are the most common lenders. Here are some tips to find a lender: Contact three or more lenders. Look for a loan with a lower rate, points and interest rates. Be sure the lender is licensed and in good standing. The loan charges will vary from lender to lender. The charges include loan points and fees.

Each point equals 1% of the loan and is paid to your lender or loan broker. Be sure to shop around and negotiate for lower rates, points and interest rates. What loan rates include? The loan costs may include the following rates: Evaluation Report of the Recording Title Commitment Report from the original credit Notary Services Agency news messenger Preparation of original loan sources I have a right to cancel? Yes From the time you sign the loan papers, you have 3 days to cancel. If you cancel, your credit report and assessment fees is non-refundable. If you are refinancing a rental property, there is no right to cancel. Before you sign Review all loan documents.

Truth in lending disclosure has the basic terms and conditions of the loan. The indication of the establishment and Closing shows the rates that you are being charged and that customers are being paid off. Everything you promised to be in the loan documents. If you do not understand something, do not sign. Ask for an explanation. To look up a Mortgage Glossary, try going to TILA Mortgage Quote.

Lenders use your home as security or collateral of your Mortgage Loan. This means that if you do not make payments to your lender, then they can take your home through foreclosure and this process involves a very long, hectic, and draining experience. The process is called foreclosure and If you are behind on your mortgage payments, it is important that you act quickly to prevent home foreclosure. What should I do if I'm behind on my house payment? It's important to contact your lender and explain your situation, and ask for any leeway. Sometimes, it's best to ask for a loan modification, but that will be covered on another topic.

It's best to Call your lender because most lenders do not want you to lose your home, because they will lose more money in that route, they prefer home owners to be late but eventually paying mortgage payments rather than going through Foreclosure. Tell them why you are behind on your payments. Ask them to work with you to achieve your current payments. Do not ignore letters from your lender and Let them know they have received their letters and that you want to work with them.

Most lenders will y accept a payment plan for back payments or give you extra time to repay the loan. What if my lender does not help? You still have options: Call another lender. Ask if you get a new loan to pay off your existing mortgage. Sell %u200B%u200Byour home through short sale,. You might get enough money from the sale of your home to pay the loan off and even have money left over. Talk to a lawyer. Ask if filing for bankruptcy can help you keep your home.

The default notice tells you that you have not made your payments. It also tells you the amount you owe in missed payments and fees from the foreclosure. You have 3 months from the date the notice of default is recorded to pay the back payments and fees. You can find the date that the notice was registered on the first page next to the words "registered on." If you pay the amount in the notice of default, the lender can't sell your home.

If you do not pay the amount due within 3 months, your lender can sell your home. Before selling your home, your lender must send a notice of sale. Notice of the sale include the date, timing, and put your home should be sold. The notice of sale must be sent to you at least 20 days before the day you plan to sell your home. How do I stop the sale of my home? You may pay the amount due, including fees, up to 15 days before the date of sale.

If you wait until the last 5 days before the sale, you must pay the entire loan amount. Once you pay, the lender must record a notice of termination. This proves that the sale has been canceled. Watch out for scams! Avoid people who promise to stop the foreclosure having you transfer title of your property. Not transfer ownership to foreclosure. You will still be responsible for the money you owe even if you do more to owning the home. Also, do not keep the foreclosure from appearing on your credit report.

Try and get a quote from a lender that will help you at - TILA Mortgage Quote

Can you pay your Mortgage with your Credit Card??? Short Answer, Yes.

But, why on earth would you want to do that? Short of funds/cash or something? Do you know that your credit card's interest rate is way higher than your Mortgage? Point made, but if you still insist on paying your mortgage with your credit card, then, I wont beat your head onto it.

Here's how to pay your Mortgage with your credit card. I'll teach you how to do this, but don't say I didn't warn you! There are actually 2 ways to do this, you're first option is to use your Credit Card's convenience checks, it looks like a check, well it is a check sent by your credit card company in order to lure you in to make cash advances. (The interest rate on those are crazy) These checks work like any other check out there, however, the credit drawn against available funds rather than money in your bank. You can use these to pay your mortgage, your mortgage company is delightful, ecstatic and even just plain happy to see these, you know why? Because they're just like any other check.

Next option is to access and use your Credit card account's online billpay feature. This option lets you make payments to a company you choose. Just like the first option, The amount you use will be drawn from your available credit

So what's the drawback on this? Simple, you are making a cash advance to pay your mortgage. It's like taking money from a Payday Loan Company. The interest rate on this is higher than an ordinary purchase and you can't avail your credit card companies incentives when you do this, incentives such as cashback, miles, points or other rewards.

If you're solely after those pesky rewards, here's one way to do this. Instead of making a cash advance, Go out to your local Walmart or Sears, and go look for those pre-paid visa debit cards, or mastercards. Then go to the cashier and tell them you want to load the card with the amount of $___Your Mortgage Monthly Balance___. Then use the debit card to pay your mortgage.
It sounds the same just made more complicated?? No, it's not the same, the fact is you made a purchase (Visa or mastercard debit card) and purchases counts towards those pesky rewards, and the interest rate on this is not the same as a cash advance, it's much lower than that. And those visa or mastercard debit cards works like an ATM, you can withdraw cash from it and use that cash to pay for your Mortgage. All in all, this route is so much better than the two routes I mentioned earlier in this article. In this way, you don't incur cash advance interest rates, because you made a purchase.

Hope all of those info sinks in your head. :)