Mortgage Refinance and Credit Repair

Million of Americans have credit problems. Those who own homes can use a mortgage refinance to help with credit repair. Mortgage refinance involves taking out a new mortgage to pay off the original loan. Depending on your equity, the new mortgage can be for more than the amount of the old loan. This money can then be used to for debt consolidation, which can improve your credit rating.

The mortgage refinance business is very competitive. Make sure you dont get conned by unscrupulous lenders. Jack Guttentag, the Mortgage Professor, cautions, The refinancing market is something of a jungle, but you are safe if you observe one basic principle: You cannot save money on a refinance unless the interest rate on the new mortgage is below the rate on the existing one.

Some con artists will show you that your total interest payments will decline if you refinance into their higher-rate loan. However, they get that result by assuming that you will repay your new mortgage (but not your old one) on an accelerated (biweekly) schedule.

Some others get (a lower) result by extending the term. If your current mortgage does not have many more years to run, an extension of the term can reduce the payment by more than the higher rate increases it. If you do it, you pay for it big time in the form of a higher loan balance in future years.

To learn about two other steps you can take to help with mortgage refinance credit repair or to receive a free mortgage quote, visit Bad Credit Mortgage Refinancing Now, a site that can help you determine if refinancing makes sense for you.

Mike Hamel is the author of three business books and several articles about mortgage financing. His material is featured on sites like Bad Credit Mortgage Refinancing Now.

South Carolina Home Equity Loans Home Equity Loans Explained

When you are a homeowner, most of your cash is tied up in your biggest asset- your home. While this may seem inconvenient, the fact of the matter is that this money is easily accessible. All you need is a South Carolina home equity loan.

Home Equity Loan Basics

As you make payments on your mortgage loan, you build equity. Your equity can also increase as home appreciation values rise. Even though this equity is tied up in your home, it is your money. If at any time you decide you need this money, all you have to do is go to a lender and ask for a home equity loan. Qualifying for the loan is a simple process no matter what your credit looks like. In most cases, terms are flexible, allowing you to decide how much time you want to take to pay back the loan.

Spending Your Home Equity Loan

The amount of money that you will be allowed to borrow when you get a South Carolina home equity loan depends on how much equity you have built up in your home, as well as the lender you choose. Traditional lenders allow you to borrow up to 80 percent of your home's value. More flexible lenders may let you go as high as 125 percent. Though most South Carolina borrowers spend their home equity loan on home improvements, debt consolidation, and college tuition, you are allowed to spend the money on anything you wantno questions asked.

Home Equity Loan Rates

Current interest rates on South Carolina home equity loans average 7.44 percent. The rate you are required to pay will depend on a number of things including the size of the loan, your credit history, the amount of equity you have, and the lender you choose. To find the best rate, you should get quotes from several different lenders.

Visit South Carolina Lending Center to see our Top 3 Home Equity Lenders in South Carolina, whether you are looking for home purchase, refinance or a home equity loan.

Equity Release - Your Friendly Scheme In Your Hard Times

If you are among those who own a home in the UK, but are facing a shortage of cash in your old age, you can avail to this scheme of equity release. This scheme provides for unlocking the equity in your house. So you convert fixed assets into flowing cash which can be used for fulfilling your daily needs. You can also overcome the financial difficulties you might be facing due to debts.

The equity release scheme takes care of all your financial needs during your lifetime. You can spend the rest of your life without financial worries, because you do not have to pay in cash while the time you live. This is so because by this scheme, there is a a clause which allows you to pay in the form of property value equivalent to what you owe. The only exception to this is when you move out of your house. Thus you can use the loan amount for as long as you live without the headache of paying monthly installments or for that matter, paying at allin cash till you are alive.

Further advantages of this scheme is that the interest rates are further negotiable. That is, in case, the market rates fall, the homeowner can ask for lower rates of interest. You can avail the help of financial experts as well as of the providers of equity release who can guide you in all matters related to financing your old age and whether equity release is a beneficial scheme for you. One major consideration is determining whether the loan amount you are offered is at par with the inheritance value of your property.

There are reports that more and more people are opting for this product as to make things easier in their old age. With increasing knowledge and transactions, the popularity of equity release as a reliable scheme is expected to rise further.

The author is a real estate specialist and through his writing has given guidance to many people who are in search of buying or selling property. He is currently associated with VIP Services. VIP Services delicately focuses on helping people selling or buying houses within a short span of time and that too in cash. For more information on about vip-service please visit equity release