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Showing posts with the label credit bureau report
Is It Time To Refinance? When people take on a mortgage the majority opt for a 5 year one usually because they intend to stay in the residence and they know their payments for the next 5 years. However life sometimes throws a curveball at us and we have to make hard financial decisions. Perhaps an illness occurred or 1 person was laid off or a divorce occurs and suddenly you can't pay for anything in cash anymore and resort to using credit cards. As we well know credit cards companies love this because the amount of interest you are paying increases. Perhaps you took a 5 year mortgage out several years ago You now look at how you can lower your payments and because mortgage rates are at a historical low these days it makes sense to look at breaking your mortgage and taking on a new one at a lower rate.  Paying off credit cards at 20% + interest looks attractive when you can get a new mortgage under 4% these days. Before you do anything you need to know what it will cost to b

Private Mortgages - Are They Good Investments To Make Me Money?

  With interest on bank saving accounts yielding little return many folks hear others talking about how they are getting high returns from investing their money in private mortgages. You look at your saving accounts and returns and begin to wonder - is this something I should look at?   You wonder why would a person not go to a bank for their mortgage? Sometimes good people who have worked to keep their credit in good standing run into problems:   - a person loses their job and needs the mortgage while they are between jobs   - a person has a recent bankruptcy, consumer propsal or collections and regular lenders will not look at      them for at least 2 years   - a mortgage is up for renewal and they do not qualify for another one because the debt level is too high     compare to the total income  - perhaps a divorce or separation has occured  - a person was forced to find another job but at a lower salary  - a lender has called the mortgage in and is foreclosing on a