Bill consolidation loans can lower rates and help you pay of
your debt faster. However, you want to be sure that you factor
in the cost of fees, find low rates, and pick a short term loan.
These tips will ensure that you don't end up spending more by
Factor In Fees
Depending on the type of loan you choose, fees can vary from
thousands to nothing. Refinancing a home mortgage and using the
equity to pay off bills is appealing to many. But the thousands
that it costs to refinance should be considered, especially if
you aren't getting a better rate on your mortgage.
Home equity loans and lines of credit can be used with little or
no fees. Their rates are higher, but for smaller amounts they
can still be cheaper. Personal loans are also an option since
they still beat high interest credit cards.
Make Rates Pay
Before consolidating your bills, make sure that your loan rate
will be lower that what you are currently paying. This might
mean that you don't consolidate all your loans. For example,
student loans often have the lowest rates possible, better than
a mortgage rate.
If you can only consolidate part of your debt, pay off the
accounts with the highest interest rates for the greatest
Go Short - On Terms
Choosing shorter terms on your loan will save you money on
interest costs. While smaller payments are tempting, the long
term interest payments can easily be more than what you pay now.
Credit card payments are set to pay off your balance in five
years. So if you can financially handle your current payments,
pick a five term loan.
Shopping online for a loan can also help you save money in
interest and loan costs. Many financing companies offer more
competitive rates online than in their conventional offices.
Request quotes from several lenders and look at their terms.
Even a difference as little as an eighth of a percent can
financially make a big difference.
Close Paid Accounts
To protect your credit score, make sure to close accounts once
they are paid off. This reduction in your available credit will
set you up for better rates when you do choose to open a new
account, such as a mortgage.
New Home Construction Loans 101
When you are ready to build your first home or that dream home
that you have been wanting for so long you will probably wind up
needing help with the financial part of the building process.
The funding for your new home is available through new...read more
Home Equity Loan Refinance - Important Facts
Refinance refers to applying for a secured loan intended to
replace an existing loan secured by the same assets.You must
speak with a finacial advisor before you decide to refinance.
Refinancing the loan you had taken at higher rates is a...read more
How to Qualify for a Home Mortgage Loan
Are you considering applying for a mortgage loan to purchase
your first home? If so, you should read the following tips below
that will make the process easier!
If You Have a Good Credit History It Is Easier To Qualify For