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1st And 2nd Mortgage Refinance Loan

noreply@blogger.com (Rajeev Mishra) — Thu, 20 Mar 2008 11:15:00 +0000

Refinancing a first and second mortgage requires some extra considerations. Depending on your equity, you may find that combining the two mortgages results in a higher interest rate. You may also find that you have to carry PMI with the refinanced mortgage.

Will Refinancing Benefit You?

Refinancing two mortgages allows you to consolidate your loans into one payment, often lowering your monthly bill. You may also find lower rates under the right circumstances.

Those with a large amount of equity benefit most from consolidating loans since they qualify for the lowest rates. It is important to look at interest savings, not just monthly numbers which can be misleading.

However, if you have less than 25% equity, you may end up qualifying for higher rates. With less than 20% equity, you will also have to pay for private mortgage insurance. Even with these factors, you may still find that you will save money by refinancing.

Have You Done Your Research?

To see if refinancing makes sense for you, research mortgage lenders. You can quickly go online and request quotes and terms. Look at the different offers, and work out the numbers. An online mortgage calculator can help you figure out monthly payments and interest costs.

An easy way to compare cost is to first add up your interest payments for both mortgages. Use this number to compare interest payments with each potential mortgage.

You also need to factor in the cost of refinancing. Just like with your original mortgage, you will have to pay fees and points. You want to be sure that you can recoup these costs with your interest savings.

Why Do You Want To Refinance Both Mortgages?

While refinancing both mortgages is convenient, you may decide to refinance only one or both separately. With your main mortgage, you can expect to get low rates.

A second mortgage will usually qualify for higher rates, but you can lock them in. You may also choose to convert from a line of credit to an actual mortgage. Again, you will want to investigate financial packages before signing up with a lender.

10 Easy Ways To Organize Your Business Finances

noreply@blogger.com (Rajeev Mishra) — Sun, 16 Mar 2008 11:48:00 +0000

Whether you are a new entrepreneur or a more experienced
business owner, taking control of your finances can feel like a
part-time job. Some simple tips can help you streamline your
time, organize your finances and reduce the stress of business
money matters.

1. Keep Your Bills in One Place

When the mail comes, make sure it goes in one place. Misplaced
bills can be the cause of unwanted late fees and can damage your
credit rating. Whether it's a drawer, a box, or a file, be
consistent. Size is also important. If you get a lot of mail,
use an area that won't get filled up too quickly.

2. Pay Your Bills on Schedule

Bill paying can be simplified if it's done at scheduled times
during the month. Depending on how many bills you receive, you
can establish set times each month when none of your bills will
be late. If you're paying bills as you receive them, chances are
you're spending too much time in front of the checkbook.
Although bills may state "Payable Upon Receipt", there's always
a grace period. Call the creditor to find out when they need to
receive payment before the bill is considered late.

3. Read Your Credit Card Statements

Most people take advantage of low interest credit card offers
but never read their statements when paying the bill. Credit
cards are notorious for using low interest as bait for new
customers then switching to higher rates after a few months.
Make a habit of looking at your statement carefully to see what
interest rate you are paying each month and if any transaction
fees have been applied. If the rate increases or a transaction
fee appears on your statement, a simple call to the credit card
company can oftentimes be beneficial in resolving the matter. If
not, try to switch your money to a more favorable rate.

4. Take Advantage of Automatic Payments

Most banks offer a way to automatically deduct money from your
account to pay creditors. In addition, the creditors usually
offer a lower interest rate when you sign up for this payment
option because they get their money faster and on-time. Consider
it as one fewer check to write, envelope to lick and stamp to
buy. Just make sure you record the deduction when the automatic
payment is scheduled or you run the risk of bouncing other
checks.

5. Computerize Your Checkbook

Using a software program is a handy way to organize your
finances. Whether it's Quicken(r), Microsoft Money(r) or another
package, these easy-to-use programs make bill paying and bank
reconciliation a cinch. Computer checks can be ordered almost
anywhere and fit right into most printers. Once the checks are
printed, all of the information is automatically recorded in
your electronic checkbook. Furthermore, many banks have direct
downloads into these software packages so when money is
deposited or withdrawn, the transaction is entered immediately
onto your computer. And, when it comes time to do taxes, it
couldn't be easier.

6. Get Overdraft Protection

Most banks have a service where, if you run the risk of bouncing
a check, the money will come from another source. For a nominal
fee, the bank will link your checking account to either a
savings, money market, or credit card so the embarrassment of
bouncing a check will be avoided. Call or visit your bank to
learn about this convenient feature.

7. Cancel Unused Accounts

Whether it's a credit card or bank account, write a letter
requesting that the account is formally closed. Not only will
this improve your credit score, it is a useful way to avoid
money from being scattered all over the place. Don't let
department stores and credit card companies lure you into
opening new accounts by offering favorable interest rates and
purchase discounts. It's easy for credit to get out of hand by
taking advantage of every credit offer that comes your way.

8. Consolidate Your Accounts

If you have several credit card accounts with outstanding
balances, try to consolidate them into one. Be careful and check
the balance transfer interest rates and one-time fees. Also,
make a list of all your open Money Markets, Savings, CDs, IRAs,
Mutual Funds, and other accounts to see if any consolidation can
be done. Keeping your money in fewer places eliminates all of
the guesswork involved and reduces errors.

9. Establish Automatic Savings

Create a link from your checking account into a savings account
that will not be touched. This can usually be done through the
banks and automatic amounts will be transferred over each month.
Most people will not put money into a savings account on a
regular basis. They may wait until a large tax refund check
arrives or some other event to actually deposit money into
savings, retirement or other accounts. If you establish an
automatic savings deposit every month, your accounts will begin
accumulating money faster than you think.

10. Clean up Your Files

Make sure your paid bills are organized in a filing cabinet.
Keep individual files for paid bills. Go through your files at
the end of each year and throw out bills and receipts no longer
needed for auditing purposes. Contact your local IRS office to
see how long records need to be kept for audits. Usually federal
tax return audits can be done three years back but cancelled
checks may need to be kept for seven. Consult the Internet for
auditing and records-keeping procedures for your state or region.

(c) 2005 DebtGuru.com(r). This article may be freely distributed
as long as the signature file and active link are included.

About the author:

Michael G. Peterson is the Vice President of American Credit
Foundation, an IRS 501 (c)(3) non-profit consumer credit
counseling organization that has assisted thousands of
individuals and families with their financial situations through
seminars, education, counseling services, and, debt management
plans. For more information, and free consumer resources visit
http://www.debtguru.com.

noreply@blogger.com (Rajeev Mishra) — Fri, 23 Nov 2007 06:55:00 +0000

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