Debt Consolidation - Free Information About Consolidating DebtWritten by Carrie Reeder
Millions of consumers across globe are searching for a way out of debt. Credit card bills, loans, and other unsecured debts have left many people unable to meet their monthly expenses. If you have found yourself in this position, don't feel alone. High interest rates and late charges can make paying down your credit card balances nearly impossible. Debt consolidation companies can help you pay off your debts and restore your credit rating.Debt consolidation is not a loan. Debt consolidation companies can help you lower your monthly bills and allow you to pay off credit card bills and other loans that may have fallen behind due to outrageous interest rates and fees. A debt consolidation company will contact each of your creditors and help you to lower your current interest rates and monthly payments. Generally speaking, debt consolidation company contacts each your creditors to make arrangements in regard to your account. The debt consolidation company will then inform you of new interest rates and fees creditor has agreed to accept. You will make one monthly payment to debt consolidation company who in turn distributes appropriate amounts to your each of your creditors. You may also contact a debt consolidation company who will contact your creditors, make arrangements on your behalf and charge you a fee for this service, after which you will continue to make your monthly payments to your creditors but at a much lower rate.
| | Mortgage Information - Refinancing? Second Mortgage? Home Equity Loan? Understand The BasicsWritten by Carrie Reeder
A mortgage is usually biggest purchase that an individual makes, and because of that, many people tend to get nervous during process. But wouldn’t it make things easier if you felt that you had a “handle” on process—or at least terminology? After all, in order to get best deal on your mortgage loan, you will need to understand certain things such as points, interest rates and closing costs. If you feel like you could stand to brush up on your mortgage loan terminology, why not read following common terms and their definitions? Points A point is amount that a borrower will pay in order to reduce interest rate on their mortgage. One point is generally equal to 1% of loan amount. For example, if you were taking out a 100,000 mortgage, and wanted lower interest rates, you might have to pay anywhere from 1-3 points (or $1,000-3,000 dollars) to get that rate. It’s important to note that some lenders will advertise very low interest rates, and only when you read fine print will you learn that you will have to pay points in order to get them. Interest Rates When a lender makes a loan, they make money by charging interest on that loan. With a mortgage loan, all of that interest is front-loaded, which means that for first few years, every payment that you will make will go mostly toward interest. When applying for a mortgage, you will have option of “locking-in,” or “floating” your interest rate. If you choose to lock-in your rate, then you will be assured—for about 60 days—that when you close it will be at that rate. However, if it appears that interest rates will go lower, you can choose to float interest rate, which means that you can watch rates carefully, and then lock it in whenever it reaches an amount that you are comfortable with.
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