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 Posted: Tue Apr 04, 2006 11:43 am Subject: Debt consolidation VS Refinance |
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This is advice to those who are considering refinancing their home to eliminate debt.
I am a mortgage professional and see all too often people making the same mistake over and over again.
It is refinancing their homes to pay off credit card and miscellaneous debts.
Although this is one way to lower your monthly payments you also increase your cash out-going flow by financing for 15 to 30 years. Added up, the interest alone could land up being more than the original debt.
Although this is one avenue that I have for making money for myself it is not necessarily the best road for the consumer to take.
Mortgage professionals throughout want to make money on YOU.
If you consolidate your bills and use a service like T&C you will ultimately saved thousands in interest, penalties and of course reap the rewards of paying off your bills without creating new bills.
Many people assume that once the credit card is paid off that it is once again available for use and just keep going around in circles paying off this debt.
Use consolidation as a resource to pay off debts and you will become debt free a lot sooner (usually in 24 to 36 months) than if you refinance 180 to 360 months.
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Becoming knowledgable in itself is power.
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kalevala316
Joined: 23 Mar 2006
Posts: 130
Debtcc Points: 1601
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| Posted: Tue Apr 04, 2006 12:24 pm Subject: |
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Thanks for your input kalevala, I appreciate.
Consolidation seems to be the best option to pay off debts. It can take one out of debts within a short time. The best part of the service offered by this site is the credit building stuff. The counselor helps debtors to get their report updated as paid or paid as agreed. So once the program is over, credit score will surely go up.
There are many more benefits of debt consolidation, have a look-
http://www.debtconsolidationcare.com/benefits.html
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curlycarl
Debt Samaritan
Joined: 21 Jan 2005
Posts: 630
Debtcc Points: 12073
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| Posted: Tue Apr 04, 2006 12:39 pm Subject: |
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Your welcome Curlycarl
Once in a while people should just be honest with others. You, yourself have been a great help 
_________________
Becoming knowledgable in itself is power.
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kalevala316
Joined: 23 Mar 2006
Posts: 130
Debtcc Points: 1601
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| Posted: Tue Apr 04, 2006 1:35 pm Subject: |
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We were going to do a equity loan on our home before consolidation til we found out that Wells Fargo Home Mortgage appraiser had over appraised our home. They appraised it for 85,000 but it is only worth 77,500. That is the highest appraisel we have ever been able to get.
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NotsoLucky
Joined: 02 Nov 2005
Posts: 3154
Debtcc Points: 45650
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| Posted: Wed Apr 05, 2006 9:40 am Subject: |
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Tammy,
Some mortgage people will do whatever it takes. Always be very careful dealing with them.
double check their accuracy and fees. Some of us are honest but not all.
_________________
Becoming knowledgable in itself is power.
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kalevala316
Joined: 23 Mar 2006
Posts: 130
Debtcc Points: 1601
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