Credit Refinancing | 4 Ways To Protect Your Home From Risk
February 21, 2009
Credit refinancing can be a dangerous business, and if you’re not careful, your home could be at risk.
If you’re a homeowner, you’re all too aware of the financial dangers lurking around almost every corner. Between offers of easy credit and “low monthly payments,” it is very easy to get in over your head. The same holds true with your home mortgage.
If you’re considering credit refinancing your home mortgage, here are several things you need to keep in mind in order to protect your financial interest and save your home from falling into the hands of an unscrupulous lender or getting in over your head with payments you cannot afford. To keep that from happening to you, follow this easy 4 question checklist and cover all of your bases to make sure you protect your financial future.
Need to unlock your home's equity - but have a few questions? Why not consider a free private email consultation with me, Darrin Roseborsky? There's no obligation or commitments to worry about. Just helpful answers to your questions. Use the short form in the top-right corner to get started. And in a few minutes, you'll have the answers to all of your questions.
Can Reducing A Credit Card Limit Help Your Refinance Goals?
February 16, 2009
Question: HI Darrin, Just like everyone I know, I’ve got a fistful of credit cards. I’m thinking about refinancing my mortgage right now. If I call my credit card companies and ask them to reduce my credit limits, will it help my refinance goals. maybe get me a better interest rate? I’m looking for the best rate I can get, but I don’t know the best way to pull it off. Thanks, Robert
Answer: Hi Robert, That’s a great question for a couple of reasons…
First, you’re not at all unusual for having a lot of credit cards. Some people collect credit cards like others collect stamps or even rocks. While your credit limit comes into play when determining your creditworthiness, the way you utilize the credit you have is even more important. Read more
Home Refinancing Debt Consolidation VS Debt Negotiation Companies
February 9, 2009
Here’s a good question that came through last week that brings to light the question of whether or not a home refinancing debt consolidation loan is better than the services of a debt negotiation company.
Question: My wife and I have managed to dig ourselves into a rather large debt hole. We have about $15,000 in unsecured debts with a variety of different companies. The problem is she wants to hire one of those debt consolidation companies to pay off our debt. I’m thinking we’d be better off to handle this ourselves through some type of home refinancing debt consolidation loan. What do you think?
Answer: Your situation isn’t at all unusual. Lots of Canadians are tempted by the advertisements about how all of your bills will be paid off easily and painlessly, in exchange for a flat monthly fee or by taking on a new loan.
There may be several problems with this approach: Read more
