Mortgage Advice – Credit Advice

I don’t care for payday loans usually, but I completely understand why a person or family may need one in the time of an emergency.

If you are looking into a small emergency loan, I would only recommend Online Cash 911.

Here is a direct link: Up To $1500 With No Credit Check

This company is very secure with your personal information and is great if you have bad credit, because they don’t require a credit check.  In today’s economy, it’s completely understandable, if a person or family is living paycheck to paycheck and emergency funds are needed.

Now, didn’t mean to sidetrack there, but the purpose of this post is to let you know that payday loans can be reported to the major credit bureaus and show up on your credit report.  Most likely, if you pay it off before the loan is due, it will never show up on your credit report.  In a case where you cannot pay off the entire balance of the loan, then payment history will report to the major credit bureau’s.

If you are looking to use the payment history of your payday loan to help increase your credit scores, this will help.  Although, it is best to use a regular credit card, because even the worst credit cards charge less interest than the payday loans.

Joshua Bucio Bad Credit Bad Credit, payday loans

It’s important to our readers that you find all the mortgage advice and credit advice you can possibly find.  So, I have taken the time to list a few places that you should visit and soak up all the mortgage advice you can take.

Hope this helps!

Mortgage Advice Forums- I personally subscribe to this forum and help answer questions that people may have.  Bruce Brown, the creator, is very good at responding to everyone’s questions and concerns when looking for mortgage advice.

Zillow- Great place to get all kinds of advice, not just mortgage or credit advice.  Zillow has been around for awhile now and has been very popular with real estate in general.  If you haven’t heard of them yet, take the time to browse over the available advice and go from there.

Mortgageloan.com – I personally get many questions from the site, because of the amount of people that go to it for questions and advice.  Great place to soak in some more mortgage advice and mortgage news.

Lexington Law – Credit Report Repair - Credit advice for anyone that needs help with correcting things on their credit report.  What’s great about them is that you can call their 800 number and talk to someone that will tell you if they can help you or not, right from the start.

Ask Max – Very helpful information when it comes to credit advice.  There is also advice about paying off debt or debt consolidation.  I even browse this for myself from time to time.

Equifax - Not just a place to pull your credit report.  They have a learning center that is very educational for credit advice.  It also very important you look into identity theft protection, since this is the highest form of theft today.

Joshua Bucio Bad Credit, Credit Repair, Credit Scores credit advice, mortgage advice

The ups and the downs…the ups and the down!

The mortgage rates continue on their typical roller coaster ride over the last few weeks.  At one point, we saw lenders at 4.5% on a 30 year fixed rate, then about a week ago the 30 year fixed rate was at 5.5%.  What a difference that can make on your mortgage payment!

Some of the best advice you will read about refinancing your mortgage will talk about lowering the interest rate.  Yes, low interest rates are what you should focus on, but don’t forget the many factors that should go into figuring out if a refinance benefits your situation.

What to focus on when looking to refinance.

Most of us live our lives month to month.  Why?  Our bills are due once a month and bills are a major part of our everyday life.  Because of this, most people just focus on the new monthly payment the mortgage refinance will give them.  There are other things you need to factor into your decision on whether or not you are going to refinance.

Here they are:

The amount of interest you will be saving over the life of the loan.

It’s a beautiful thing to be able to save $100 dollars a month on your mortgage payment.  That’s $1200 per year!  That’s a pretty nice savings.  Now, the amount of interest you will save over that first year will be in the thousands!  Tens of thousands over the many years you will have the loan.

Here is a good example of how much interest you can save with a refinance.

The amount of years you could reduce from the mortgage term.

This is something most people don’t even realize when they go to refinance their mortgage loan.  Some lenders will be able to put you in a 25 or 20 year mortgage loan and the interest rate is about the same.

For example, on a 150k mortgage at 5.5% on a 30 year, the payment would be $1135.58 (just principal and interest).  On a 25 year loan with the same terms, the payment is $1228.17.  That difference is only $92.59 per month!

Most of us won’t even consider refinancing the mortgage without saving $100 per month, so if you don’t need the savings, then reduce your term by 5 years.  You’ll be 5 years closer to the American Dream…owning a home free and clear!

 The amount of closing costs vs the interest rate.

Most lenders will be able to offer you higher closing costs for a lower interest rate.  Sometimes you can take a higher rate in exchange for lower closing costs.  You should take the time to look into paying more costs for a lower interest rate. 

If you have some equity in your home, you can even include those extra costs into the loan, so you don’t have to come out of pocket for those extra costs.  Take the time to figure out the amount of interest you will be saving, because if you are going to be in the home for the next 10 years or more, it could make a lot of sense to pay for a lower interest rate.  Here is a post that goes over an example on the amount of interest saved with a lower interest rate.

When looking at refinancing your mortgage, keep in mind that there are multiple factors when looking at the benefits of your refinance.

Don’t forget to check your credit report before applying for the refinance!

Joshua Bucio Interest Rates, Refinance Refinance