You can build a good practice of making a budget that allows you to set aside or save-up a portion of money each month to contribute to your debt. And as you lower your debt, you save money that is collected in interest fees. Consulting a professional debt counselor can also help keep you on track on how to eliminate your debt.
Combining your debts is known as debt consolidation, and it is usually in the form of a bank loan. Debt consolidation allows you to pay your creditors all at once.
Rather than making multiple payments to your creditors, you can now make one monthly payment, often at a lower interest rate than you are currently paying. A debt consolidation loan will help you save money on interest fees so that you are able to pay off your loan faster.
Another way to reduce your debt is by making new arrangements with your creditors. New arrangement such that you can contact your creditors and discuss available options for lower monthly payments, lower interest rates, longer time frames to make your payments. In many cases, a debt management advisor or credit counselor can do this on your behalf.
Yes, the answer is yes. The rate charged to you by the lender makes all the difference, allowing you to have some extra cushion at the end of each month and even shave a few years off the mortgage life. Jmoenta is committed to providing you with the lowest possible borrowing cost.
When setting interest rates, lenders typically use risk-factor analysis. Much of it is due to the inherent risk. Simply put, they charge higher interest rates for riskier borrowers (those with bad credit, high debt ratios, etc.) As a result, lenders provide different mortgage rates to different borrowers. In Jmoneta, we have perfected the system that will match you with the ideal lender.
This is one of the most frequently asked questions by potential buyers and homeowners. Fact: When it comes to mortgages, you should never compare your situation to anyone else’s because each mortgagor has a unique situation, and their goals may differ from yours. For example, if you intend to sell your property within the term or have a moderate to high risk tolerance, fixed rates may not be appropriate for you. When it comes to choosing the type of rate, our mortgage specialists at Jmoneta will be able to help you make an informed decision.
That is a valid question, and you should discuss it with your broker before making any commitments. Normally, brokers are paid a “finders fee” by the lender, but keep in mind that finding the right deal, or the best rate, is an important reason for people to use a broker so you can get their preferred rates, which are only available to licensed mortgage agents. Our mortgage brokers at Jmoneta actively work with a wide range of lenders, including major banks, small lenders, insurance companies, trust institutions, and private lenders. We have access to lower interest rates, allowing you to borrow at the lowest possible cost.
With the constant changes in mortgage laws and regulations, you only have one shot to get your mortgage approved or at least a preferred rate. You can work directly with banks in most cases, but when it comes to negotiating, preparation, and presentation, that’s where brokers come in. A good broker understands which lenders to approach on your behalf and how to carry out the transaction smoothly. With Jmoneta, our mortgage brokers will go to bat for you in order to obtain the best interest rate and lowest cost of borrowing.