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Davie Home Finance, 115 Donna Rd NE, Palm Bay, FL 32907
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Frequently Asked Questions About Refinance,
Consolidating Debt, And Tapping Into Your Home Equity.
My credit card debt and total bills are nearing 100% of what I earn in the
month. It seems as though my card payment barely covers interest and I
cannot make any headway. Why is this?
Credit card companies offer low minimum payments so that we may choose not to pay
down the balance in a timely manner. This can leave Americans in a never- ending cycle
of paying high interest money to multiple debts for several years -perhaps decades. The
stark reality is if we estimate how long it will realistically take to pay our cards off , the
calculated interest over the years on the debt will probably be astronomical. Now, with
some credit card companies about to double their minimum monthly payments , many of
us may become overwhelmed. With a home equity line, you can set you up a line of
credit to pay your debt off. You can also extend the line beyond your immediate debts.
Use the balance for home improvement or a major purchase, or simply leave the rest for
a rainy day. You can even 'lock in' the portion used into a fixed rate loan. You only pay
for what you use, not how much your line is.
Why use my hard earned home equity instead of simply paying down
debt?
The home equity line is designed to put the home owner's budget back on track. Most of
us do not have the spare income to pay $1000 or even more a month to put a dent into
high credit card balances. By only being able to pay our minimum payment, we end up
paying tens of thousands of dollars in interest over the years , all to find our balances
roughly the same. Instead, tidy up your debt into one monthly payment that now fits into
your budget. Now that you have regained a noticeable part of your paycheck again ,
enjoy your quality of life . No more stress and hassle remembering which card payment
is due- and how much? No more juggling one card to pay another. Remember, opening a
home equity line is not creating 'new debt'. Credit card and other consumer debt is debt.
Home equity is somewhat like a bank account with money in it , dormant, gaining no
interest. Set up a line to tap into that dormant cash -then repay it anytime you wish to
regain the equity. It's your money, and you can regain or spend it anytime you want.
Why pay interest on an equity line if we are already paying interest on our
debt? What's the difference?
Home equity lines have generally far lower interest rates than do credit cards. By shaving
all that interest off , you can cut your monthly expenses noticeably. With the extra
monthly income, pay down your principal much faster. Also, maxed out limits or late
payments on cards have extra charges that may go on month after month which begets
more and more debt. Many become frustrated at these unpleasant credit card 'charges'
and feel there is no way out.
What other benefits are there?
Unlike credit card and various other debt, the interest on home equity lines (up to
$100,000) is TAX DEDUCTIBLE which will more than likely give you a higher tax refund.
Use that extra return to pay down your line even faster! More importantly than just the tax
break, lower interest, manageable payments, and raised quality of life, maxed out credit
card debt LOWERS credit scores. Paying off your high ratio debt raises your credit
score .
I have no debt . I just need cash to start up a business or remodel our
home:
A home equity loan is designed to lend you not just what you estimate to need, but the
flexibility to take more out if unexpected expenses arise. It is always better to be safe than
sorry The beauty is that it is win -win situation. If you don't need the extra cash -you only
pay interest on what you use.
How long does it take?
Unlike conventional mortgages, home equity lines may be set up to close within 10 days
of receiving all the paperwork. They are fast and streamlined so that you can pay off
your debt before your next billing cycle for your credit cards. This also can save you
money.
This all sounds great , but why do i need a Mortgage Professional? Why
not just go to the bank?
Independent mortgage brokers originate the majority of home loans nationwide.
Consumers choose brokers for various reasons including their expertise in assisting the
borrower through an important and complex transaction, their access to a larger selection
of loan options, and their ability to compare and present loan products from multiple
lenders. Consumers know they stand to get a better deal by shopping with a
professional, just as athletes, actors, and business professionals know they can get a
better contract when their agent negotiates for them.
How do I qualify for a second mortgage or a home equity loan?
There are several factors. Every lender is different . However , most lenders will qualify
you on 3 basic components:
How much money you want to borrow in relation to how much your house is worth. The
higher the loan to value, the higher the risk
What your credit history shows. The higher the score , the less likely you are to default
on the loan, therefore better rates and terms.
How much money you make. The lender needs to see if you can afford the monthly
payment on the money they are lending you.
I don't need an equity line . I need to qualify for a first mortgage,
consolidate 2 mortgages -or want a better rate on the one i have.
We have access to hundreds of lenders . We can shop them for any type of loan.
Homeowners May Qualify For These Programs:
Stated income program - refinance or set up first or second mortgages without having
to prove income.
Refinance first mortgages - low credit scores may be able to pull money from their
home by refinancing.
FHA and other Government loans - low credit scores may qualify to refinance at near
prime interest rates!!!!
Refinance existing loans -get a better rate or better terms from lenders that
consumers have never heard of !
Get the best deal that you can. Let a professional work for you while you
enjoy your quality of life!
Consolidating Debt, And Tapping Into Your Home Equity.
My credit card debt and total bills are nearing 100% of what I earn in the
month. It seems as though my card payment barely covers interest and I
cannot make any headway. Why is this?
Credit card companies offer low minimum payments so that we may choose not to pay
down the balance in a timely manner. This can leave Americans in a never- ending cycle
of paying high interest money to multiple debts for several years -perhaps decades. The
stark reality is if we estimate how long it will realistically take to pay our cards off , the
calculated interest over the years on the debt will probably be astronomical. Now, with
some credit card companies about to double their minimum monthly payments , many of
us may become overwhelmed. With a home equity line, you can set you up a line of
credit to pay your debt off. You can also extend the line beyond your immediate debts.
Use the balance for home improvement or a major purchase, or simply leave the rest for
a rainy day. You can even 'lock in' the portion used into a fixed rate loan. You only pay
for what you use, not how much your line is.
Why use my hard earned home equity instead of simply paying down
debt?
The home equity line is designed to put the home owner's budget back on track. Most of
us do not have the spare income to pay $1000 or even more a month to put a dent into
high credit card balances. By only being able to pay our minimum payment, we end up
paying tens of thousands of dollars in interest over the years , all to find our balances
roughly the same. Instead, tidy up your debt into one monthly payment that now fits into
your budget. Now that you have regained a noticeable part of your paycheck again ,
enjoy your quality of life . No more stress and hassle remembering which card payment
is due- and how much? No more juggling one card to pay another. Remember, opening a
home equity line is not creating 'new debt'. Credit card and other consumer debt is debt.
Home equity is somewhat like a bank account with money in it , dormant, gaining no
interest. Set up a line to tap into that dormant cash -then repay it anytime you wish to
regain the equity. It's your money, and you can regain or spend it anytime you want.
Why pay interest on an equity line if we are already paying interest on our
debt? What's the difference?
Home equity lines have generally far lower interest rates than do credit cards. By shaving
all that interest off , you can cut your monthly expenses noticeably. With the extra
monthly income, pay down your principal much faster. Also, maxed out limits or late
payments on cards have extra charges that may go on month after month which begets
more and more debt. Many become frustrated at these unpleasant credit card 'charges'
and feel there is no way out.
What other benefits are there?
Unlike credit card and various other debt, the interest on home equity lines (up to
$100,000) is TAX DEDUCTIBLE which will more than likely give you a higher tax refund.
Use that extra return to pay down your line even faster! More importantly than just the tax
break, lower interest, manageable payments, and raised quality of life, maxed out credit
card debt LOWERS credit scores. Paying off your high ratio debt raises your credit
score .
I have no debt . I just need cash to start up a business or remodel our
home:
A home equity loan is designed to lend you not just what you estimate to need, but the
flexibility to take more out if unexpected expenses arise. It is always better to be safe than
sorry The beauty is that it is win -win situation. If you don't need the extra cash -you only
pay interest on what you use.
How long does it take?
Unlike conventional mortgages, home equity lines may be set up to close within 10 days
of receiving all the paperwork. They are fast and streamlined so that you can pay off
your debt before your next billing cycle for your credit cards. This also can save you
money.
This all sounds great , but why do i need a Mortgage Professional? Why
not just go to the bank?
Independent mortgage brokers originate the majority of home loans nationwide.
Consumers choose brokers for various reasons including their expertise in assisting the
borrower through an important and complex transaction, their access to a larger selection
of loan options, and their ability to compare and present loan products from multiple
lenders. Consumers know they stand to get a better deal by shopping with a
professional, just as athletes, actors, and business professionals know they can get a
better contract when their agent negotiates for them.
How do I qualify for a second mortgage or a home equity loan?
There are several factors. Every lender is different . However , most lenders will qualify
you on 3 basic components:
How much money you want to borrow in relation to how much your house is worth. The
higher the loan to value, the higher the risk
What your credit history shows. The higher the score , the less likely you are to default
on the loan, therefore better rates and terms.
How much money you make. The lender needs to see if you can afford the monthly
payment on the money they are lending you.
I don't need an equity line . I need to qualify for a first mortgage,
consolidate 2 mortgages -or want a better rate on the one i have.
We have access to hundreds of lenders . We can shop them for any type of loan.
Homeowners May Qualify For These Programs:
Stated income program - refinance or set up first or second mortgages without having
to prove income.
Refinance first mortgages - low credit scores may be able to pull money from their
home by refinancing.
FHA and other Government loans - low credit scores may qualify to refinance at near
prime interest rates!!!!
Refinance existing loans -get a better rate or better terms from lenders that
consumers have never heard of !
Get the best deal that you can. Let a professional work for you while you
enjoy your quality of life!
| Call Today!! (321) 373-4659 (866) 319-2998 toll free |