Consolidating debt and mortgage


21-Oct-2020 03:57

After cashing out about 5,000 of the equity, he paid off the credit cards, kept the extra money and his monthly payments were reduced by about

After cashing out about $175,000 of the equity, he paid off the credit cards, kept the extra money and his monthly payments were reduced by about $1,700.Think of the equity in your home as a sacred savings account: You can tap into it but only when truly needed, says Rick Harper, director of housing and senior vice president for the Consumer Credit Counseling Service of San Francisco.

||

After cashing out about $175,000 of the equity, he paid off the credit cards, kept the extra money and his monthly payments were reduced by about $1,700.

Think of the equity in your home as a sacred savings account: You can tap into it but only when truly needed, says Rick Harper, director of housing and senior vice president for the Consumer Credit Counseling Service of San Francisco.

Too much credit card debt can get in the way of a homeowner trying to qualify for a cash-out refinance because they don’t meet the lender’s debt-to-income ratio requirement, or DTI.

In other words, their monthly debt expenses are too high compared with their income.

,700.

Think of the equity in your home as a sacred savings account: You can tap into it but only when truly needed, says Rick Harper, director of housing and senior vice president for the Consumer Credit Counseling Service of San Francisco.

Too much credit card debt can get in the way of a homeowner trying to qualify for a cash-out refinance because they don’t meet the lender’s debt-to-income ratio requirement, or DTI.

In other words, their monthly debt expenses are too high compared with their income.

Today’s debt consolidation mortgages are more conservative than those seen during the housing boom, when lenders allowed homeowners to refinance and cash out as much as 110 percent of the value of their homes.Second, you may be able to set up a consolidation loan that lets you pay off your debt over a longer time than your current creditors will allow, so you can make smaller payments each month.That's particularly helpful if you can combine it with a lower interest rate as well. Basically, you borrow a single, lump sum of cash that's used to pay off all your other debts.If you are trying to get the maximum loan amount, which is generally 85 percent of the value of the home, you should expect to need a credit score of at least 700, he says.

But if your current mortgage and the amount you plan to borrow totals less than 80 percent of the value of the home, then the credit requirements are fairly similar to when buying a home, he adds.This not only simplifies the payments, but can also provide real debt relief by reducing those payments as well.



As you browse the site, speak with the webcam models of your choice and get into all of the other interactive activities we offer, we are confident you’ll quickly see and agree that I Spy Live really is unique.… continue reading »


Read more

If you haven’t used an adult online dating site before you will find it much easier than you expect. You don’t have to show your face, but most people using adult online dating sites like to know that you are real!… continue reading »


Read more