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Home > > Chase credit card after bankruptcy

Chase credit card after bankruptcy

Refinancing your home loan can be worthwhile for several chase credit card after bankruptcy reasons.

If you purchased your current home when rates were high, refinancing for a lesser rate may actually lower your monthly payment. Moreover, refinancing your home and receiving cash at closing is another attractive feature. With this option, homeowners also have the opportunity to eliminate debt.What are Refinance Mortgage Loans?By choosing to refinance your existing mortgage loan, you will create a new loan to replace the old. Aside from getting a lower interest rate, some after credit card chase bankruptcy choose refinancing to convert their adjustable rate mortgage into a fixed rate. Obtaining a shorter loan term is another reason for refinancing. Refinancing your home loan may take several weeks. Moreover, homeowners must have the disposable income to pay closing costs and other mortgage fees.How to Consolidate Debt with a Mortgage Refinance?A cash-out mortgage refinance will allow you to obtain a lump sum of money when you close on the new loan. When you refinance, you create a new mortgage and borrow money from your home's equity. The borrowed money can be used for any purpose. Debt consolidation is a top reason why many homeowners choose this option.Once the funds are received, you can use the money to payoff the balance on credit cards, automobile loans, student loans, personal loans, etc. In most cases, the amount borrowed from your home's equity can be included in the new mortgage amount; thus you will not acquire a second loan.Choosing a Good Debt Consolidation Refinance LenderSeveral lenders are willing to offer mortgage refinancing. However, homeowners should not make a hasty decision. Instead, you should carefully review lender sites and request quotes before making a final decision.The key to refinancing is getting a good, low rate. Moreover, homeowners should attempt chase after card credit bankruptcy to get some fees waived. For this matter, contact the lender of your current mortgage. If you were chase credit card after bankruptcy a loyal customer and developed a good relationship, your lenders may not charge fees such as title search, application, etc. In this instance, you can save hundred on your closing cost.Working with an online mortgage broker is another great way to locate a good lender. Brokers will contact several lenders on your behalf. In turn, lenders will make you an offer. The offer will include rates and mortgage terms. You choose the lender with the best quote.2

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More and more commentators in the press have been talking about the "yield curve" for the last year, but how much do you know about its significance? This is a good indicator to be aware of, so today's article will be about the US Treasury Bond Yield Curve.

The basic idea is that if the yield curve is "normal," the rates for the different US Treasury Bonds should appear to be a function of their time scale. Meaning, shorter bonds (i.e. 13 week bonds) should yield a lower percentage rate then longer bonds (i.e. 30 year bonds) by 2-3% at least. The idea is that you should be rewarded with a higher percentage rate for buying a longer term bond.

Treasury bond rates change on a daily basis independent of each other. They are separate entities but move together, most of the time. What people worry about is a "flat" or "inverted" yield curve. This happens when the yields of the all bonds become almost the same or if the yields of the shorter-term bonds move higher then the longer-term bonds. The inverted yield curve has been linked with periods of slowing growth in the economy and downturns in the stock market. Currently we are getting close to having a flat yield curve but it is uncertain whether it will become inverted or return to normal.

The chart below shows the current yield curve (blue) and a more "normal" curve (red) from two years ago.

For the most part, homeowners are familiar with home equity loans and home equity lines of credit. With either option, you are able to acquire funds for emergencies, home improvement projects, etc. Getting a line of credit and using your home’s equity to your advantage is a huge benefit to owning a home. However, before completing the credit application, homeowners should carefully read and understand the credit line agreement.

How Does a Home Equity Line of Credit Work?

A home equity line of credit is a credit line that is based on your home’s equity. For example, if you owe $80,000 on a $120,000 mortgage, your home’s equity is $40,000. When applying for a home equity line of credit, the lender will approve you for a credit line up to the amount of your home’s equity. Lines of credit are slightly different than home equity loans. While home equity loans are also based on your home’s equity, homeowners obtain a lump sum of money upon approval of their loan application. These loans are generally based on a fixed rate, whereas lines of credit have variable rates.

How to Obtain Funds with a Home Equity Line of Credit

Getting money from your home equity line of credit is very simple. Once a lender approves your line of credit, you will be issued a checkbook or ATM card. Whenever you need cash, you simply write yourself a check from your credit line. Because the amount you withdraw from a line of credit varies, your monthly payments will also vary. If you prefer a predictable monthly payment, a home equity loan will best suit your needs.

Home Equity Line of Credit Prepayment Penalty

Home equity lines of credit have specific terms. Your lender may approve your line of credit for 10 to 25 years. At the end of the term, you must re-apply to obtain another credit line. Home equity lines of credit are similar to other mortgage loans in regards to prepayment penalties.

Before applying and accepting a lender’s offer, carefully review the offer and inquire of prepayment penalties. With a prepayment penalty, you are charged a fee if the credit line is closed before the end of the term. Typical fees are about $500. However, if the balance on your line of credit is zero, but the account remains open for future withdrawals, prepayment fees will not apply.

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