 |
Learn several little-known credit repair techniques that can be used to legally remove bad credit from your credit report, even if it's accurate. |
|
 |
 |
| Become Debt Free with our Debt Consolidation and Credit Counseling Program.
Make bad credit a thing of the past and make your way to financial freedom. With our debt management program, you will pay off your credit card
bills and other debt with little or no stress at all. |
|
|
| |
- Consolidate your high-interest debt.
- Consolidate high-interest debt such as credit cards.
- Your overall monthly payments will be reduced and may even be tax deductible.
|
|
|
| Get online legal help to repair bad credits affordably.
Get your free credit report online, offering repairing bad credit information and monitoring, everything repairing bad credit related, view your report online in minutes.
The fact is that if your credit needs repairing, one person
is in the best position to fix it -- YOU
|
|
|
|
| Debt
Consolidation |
Borrowers who refinanced home mortgages during the current refinancing boom raised their first mortgage loan-to-value (LTV) ratio by an average of 6%, their first mortgage balance by $41,000, and their interest rate an average of 0.60%, according to the MGIC Capital Markets Group. "These numbers validate what lenders have been telling us all year -- that an increasing number of today's refinance borrowers are
Debt Consolidation or tapping home equity, as opposed to solely pursuing a rate-and-term refinance," said Michael Zimmerman, Vice President - Mortgage Banking Strategies at Mortgage Guaranty Insurance Corporation (MGIC). "Though many borrowers may actually be taking on a higher-rate first mortgage, they most likely are lowering their overall monthly debt payments and long-term interest costs by using their equity to pay off higher-cost credit cards, installment loans, and second and third mortgages."
Zimmerman estimates that as many as five in 10 borrowers who are refinancing today are motivated by
Debt Consolidation. This compares to the refinancing waves of 1998-99 and 1992-93 when roughly eight in 10 borrowers who refinanced did so to lower their first mortgage interest rate and/or change amortization terms. "We've seen a gradual shift in consumer attitudes toward mortgage debt since the beginning of the 1992-93 refinancing boom," Zimmerman said. "Today's consumer is more apt to view the home mortgage as a source of cash and financial flexibility. Today's consumer is more aware of their options in managing family debts and lowering interest costs."
The MGIC Capital Markets Group analysis focused on loans that were prepaid and retained by their current servicer in the fourth quarter of 2000. The analysis was done as part of the MGIC Capital Markets Group's ongoing study of trends in mortgage refinancing and customer retention. Earlier this year, the MGIC Capital Markets Group reported that in times of heavy refinancing, roughly three-in-four borrowers who refinance do so with a lender other than their current servicer. "The fact that refinanced first mortgages are larger due to
Debt Consolidation and equity cash out underscores the need for improved customer retention efforts," notes Marple. "From a lender's perspective, a larger loan balance means more servicing premium. Furthermore, as consumers
Debt Consolidation into their first mortgage, they reduce their number of credit providers. The lender that `wins' the first mortgage is in the best position to `win' the competition to serve that borrower's future credit needs." |
|
