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Refinance Your Debt with a Home Equity Consolidation Loan to Lower the Interest & Save!
Are your Credit Card Payments Going Up? Many homeowners find themselves in a situation where their credit card debt becomes difficult to manage and high interest rates continue to compound the debt. Credit card companies offer minimum payment options which seem appealing until the realization that only making the minimum payment makes it difficult to pay off the entire debt. The minimum payments are equal to a percentage of the total debt and as a result of compounding this debt decreases quite slowly when only the minimum is paid each month. As an example of this principle consider a $1000 debt with a 21% interest rate and a minimum payment of 2.5% of the debt. In this scenario it would take the customer 192 to completely repay the debt and during that time they would pay an additional $1694.07 in interest. Although new laws for minimum payments have been implemented in an effort to assist consumers in repaying their credit card debt more efficiently these laws did not establish a fixed increase in percentage and only specified that the increase should enable customers to repay their debt in a reasonable amount of time.
To avoid these costly interest rate problems homeowners can opt for debt consolidation loans to transfer their high interest credit card debt to a home equity loan or other second mortgage option which carries a significantly lower interest rate. The decision to refinance a home is a difficult one for many homeowners and these decisions should receive a great deal of consideration before a final decision is made. There are a number of factors to consider including amount of existing credit card debt, credit scores, current interest rates, fees associated with refinancing and existing equity in the home. These factors will assist the homeowner in making the decision. In general the homeowners should evaluate these factors to determine whether or not it is economically beneficial to refinance bills with a debt consolidation loan.
Homeowners should also carefully consider their options when refinancing their debt. One of the important decisions they will have to make is whether to choose a fixed rate or an adjustable arm mortgage. A fixed rate mortgage will maintain a constant interest rate for the duration of the loan period while adjustable mortgages are typically fixed for a duration after which they fluctuate depending on the current interest rates.
Mary is very respected free-lance writer who has had many help mortgage related articles published. You can read more of her finance related loan articles at Nationwide Equity Loan Consolidation. To get more refinance advice & home equity finance tips, please visit Second Mortgage and debt consolidation loans.
More Useful Resource and Updates on mortgage loan refinance mortgage mortgagemavericksonline
- Mortgage applications fell 20.3% last week: MBA (Market Watch)
Mortgage applications filed last week fall a seasonally adjusted 20.3% compared with the previous week, as rates on fixed-rate mortgages increase, the Mortgage Bankers Association reports on Wednesday.
- Low hopes for new mortgage program (Standard-Examiner)
WASHINGTON -- The government expects only 20,000 troubled borrowers will apply to refinance into more affordable home loans by next fall under a new mortgage aid program passed by lawmakers over the summer.
- U.S. home-loan applications fall 20.3% (Providence Business News)
APPLICATIONS TO REFINANCE fell 27.8% last week, to 42.9% of applications, as interest rates on fixed-rate loans crept skyward, the MBA found.
- Mortgage aid program gets little attention (The News Journal)
WASHINGTON -- The government expects only 20,000 troubled borrowers will apply to refinance into more affordable home loans by next fall under a new mortgage aid program passed over the summer.
- Expectations lowered for mortgage aid program (Connecticut Post)
WASHINGTON -- The government expects only 20,000 troubled borrowers will be able to refinance into more affordable home loans by next fall under a new mortgage aid program passed by lawmakers over
- Mortgage aid idea falling short (The Scranton Times-Tribune)
ASSOCIATED PRESS WASHINGTON ? The government expects only 20,000 troubled borrowers will be able to refinance into more affordable home loans by next fall under a new mortgage aid program passed by lawmakers over the summer.
- Response slow to mortgage swap program (The Kansas City Star)
WASHINGTON | The government expects only 20,000 troubled borrowers to apply to refinance into more affordable home loans by next fall under a mortgage aid program approved over the summer.
- US mortgage applications slump to 8-yr low (The Economic Times)
US mortgage application demand skidded last week to an eight-year low, driven by a nearly 30 per cent slump in demand to refinance home loans as borrowing costs rose.
- Aaround the nation | Mortgage aid program's projections shrink (The Myrtle Beach Sun News)
WASHINGTON Mortgage aid program's projections shrink The government expects only 20,000 troubled borrowers will be able to refinance into more affordable home loans by next fall under a new mortgage aid program passed by lawmakers over the summer.
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