Bad Credit Mortgage Refinance

Mortgage and Mortgage Refinance

How Interest Rate Changes Affect Mortgage Rates

Mortgage rates depend on the interest rate the government charges to lend money to banks--the federal lending rate. Variable mortgage rates are often a fixed percentage above this "prime rate."

Long term and short term treasury bond rates also indicate the trend in long term (30 year fixed rate) and short term (e.g., 7 year fixed with balloon payment) mortgage rates.

If the 30 year treasury index is higher than the 5 year treasury index, the overall trend in interest rates are upward.

If the 30 year treasury index is lower than the 5 year treasury index, the overall trend in interest rates is downward.

What if interest rates are headed upward?

For a $100,000 loan, for every quarter point increase in a mortgage rate you will pay about $20.83 per month more in interest charges.

For a $100,000 mortgage, you will pay about $416.67 per month in interest if the mortgage rate is 5%. If the interest rate increases to 5.25%, you will pay about $437.50 per month in interest charges. That's an increase of $20.83.

So, if interest rate are increasing, there is increasing pressure to get a consolidation loan soon.

What if interest rates are headed downward?

On a $100,000 mortgage loan, every time the mortgage rate drops by a quarter point, you will save about $20.83 per month in interest charges.

Let's say you have $30,000 in credit card debt at 18%. This is costing you about $450 per month in interest charges.

Consolidating this $30,000 debt into a 5% mortgage would cost you $125 per month in interest. You would save ($450 - $125=) $325 per month in interest charges.

It would cost you $325 per month to wait for a better mortgage rate deal. This simply is not worth it.

After you get a consolidation loan, if mortgage rates continue to decline, you can always refinance you mortgage at a lower rate and get the benefit of lower interest payments.

It would still be smart to consolidate as soon as possible.

Refinance Your Home Mortgage

Take advantage of low mortgage rates.

Now you can lower your monthly payments, consolidate high-interest debt, and have cash to make home improvements.

When refinancing, you can choose to borrow enough to only pay off the mortgage balance you owe or, if you have enough home equity built up, you may also be able to borrow an additional amount in what is called "cash-out" refinancing.

This extra amount can come in handy if you are looking to pay off other debts such as auto loans or credit cards. However, you should evaluate a cash-out refinancing carefully.

Generally, when refinancing your home you look for a new loan with more favorable terms. You refinance if you want to pay off a higher interest rate loan with a lower interest rate loan. The new lender pays off the current lender and becomes the lien holder on your home.

If you have other debts and want to combine loan payments, you may decide to use a consolidation loan to refinance your mortgage. Advantages of a loan consolidation include:

-Lower monthly payments
- Paying off consumer debt
-Combining monthly payments

We custom tailor our loans for each individual – no cookie-cutter loans.

We work with you to find a loan that fits your specific needs.

We have extensive experience finding the right loan for every customer.

Submit your No-Obligation Mortgage Application

Mortgage and Mortgage Refinance

How Interest Rate Changes Affect Mortgage Rates

Mortgage rates depend on the interest rate the government charges to lend money to banks--the federal lending rate. Variable mortgage rates are often a fixed percentage above this "prime rate."

Long term and short term treasury bond rates also indicate the trend in long term (30 year fixed rate) and short term (e.g., 7 year fixed with balloon payment) mortgage rates.

If the 30 year treasury index is higher than the 5 year treasury index, the overall trend in interest rates are upward.

If the 30 year treasury index is lower than the 5 year treasury index, the overall trend in interest rates is downward.

What if interest rates are headed upward?

For a $100,000 loan, for every quarter point increase in a mortgage rate you will pay about $20.83 per month more in interest charges.

For a $100,000 mortgage, you will pay about $416.67 per month in interest if the mortgage rate is 5%. If the interest rate increases to 5.25%, you will pay about $437.50 per month in interest charges. That's an increase of $20.83.

So, if interest rate are increasing, there is increasing pressure to get a consolidation loan soon.

What if interest rates are headed downward?

On a $100,000 mortgage loan, every time the mortgage rate drops by a quarter point, you will save about $20.83 per month in interest charges.

Let's say you have $30,000 in credit card debt at 18%. This is costing you about $450 per month in interest charges.

Consolidating this $30,000 debt into a 5% mortgage would cost you $125 per month in interest. You would save ($450 - $125=) $325 per month in interest charges.

It would cost you $325 per month to wait for a better mortgage rate deal. This simply is not worth it.

After you get a consolidation loan, if mortgage rates continue to decline, you can always refinance you mortgage at a lower rate and get the benefit of lower interest payments.

It would still be smart to consolidate as soon as possible.

Refinance Your Home Mortgage

Take advantage of low mortgage rates.

Now you can lower your monthly payments, consolidate high-interest debt, and have cash to make home improvements.

When refinancing, you can choose to borrow enough to only pay off the mortgage balance you owe or, if you have enough home equity built up, you may also be able to borrow an additional amount in what is called "cash-out" refinancing.

This extra amount can come in handy if you are looking to pay off other debts such as auto loans or credit cards. However, you should evaluate a cash-out refinancing carefully.

Generally, when refinancing your home you look for a new loan with more favorable terms. You refinance if you want to pay off a higher interest rate loan with a lower interest rate loan. The new lender pays off the current lender and becomes the lien holder on your home.

If you have other debts and want to combine loan payments, you may decide to use a consolidation loan to refinance your mortgage. Advantages of a loan consolidation include:

-Lower monthly payments
- Paying off consumer debt
-Combining monthly payments

We custom tailor our loans for each individual – no cookie-cutter loans.

We work with you to find a loan that fits your specific needs.

We have extensive experience finding the right loan for every customer.

Submit your No-Obligation Mortgage Application

Bad Credit? No Credit? Having Trouble Getting Credit Cards?

Yes, you really can get a credit card. By using it responsibly you can re-establish a good credit history. Your credit score with improve and you will qualify for larger loans, lower interest rates, and get your money quickly.

Credit cards are one of the most common methods most people use to buy products. People enjoy the flexibility and freedom that credit cards provide.

For many individuals finding the right credit card can be a real challenge. iCreditSearch.com was developed to assist you in finding the cards that fit your credit profile with a simple, fast and easy online search.

You'll get real-time unbiased information to help you make informed decisions about your credit.

We provide real-time unbiased information to help the consumer make informed decisions about their credit. This means that by filling out our credit profile, you can find out which cards will approve you BEFORE applying! Your no obligation FreeCreditSearch results will be available within seconds of submitting your application.

No more credit turn-downs. Credit turn-downs from credit card suppliers appear on your credit report and actually lower your credit score. Avoid credit turn-downs.

Your no obligation preliminary credit card search results will be available within minutes of submitting your application.

Fix Your Credit Problems
Remove Old or Inaccurate Items from your Credit Report

You must also remove old or inaccurate items from your credit report. You can use many of the techniques for overcoming identity theft.

Two Methods that Help You Disput Items on Your Report

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  2. Do It Yourself Credit Repair

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    Credit Clean
    Dispute Debt
    How To Clean You Credit
    Illegal Inquiries Of Credit Report
    Examples Letter Of Support
    Credit Reporting Underground
    Tax Lien Credit Reports
    Free Instant Online Home Appraisal
    How To Dispute Charge On Credit
    Credit Cards For A Spouse
    How To Remove Inquiries
    Disability Debt Loan Real Estate
    Credit Debt Questions
    Family Arguments
    Removing Child Support From Credit Bureaus

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