Copyright 2006 Donna Lewczuk
Debt Consolidation And Credit Just imagine - as you're going through your favourite coffee
drive-thru this week - that a well-dressed gentleman stops and
offers you $11,000 for your medium double double. Who would
hesitate? We'd take the cash. It's not so far-fetched. In fact, if
you take that coffee budget and apply it to your monthly mortgage
payment, a mere $30 extra per month -you could save yourself about
$11,000 over the life of your mortgage.
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Check Credit Rating Strategies for knocking years off your mortgage
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Improve Credit Rating Most of us can accept the idea that we must borrow money to
purchase a home. We look for the best mortgage, and then just keep
doling out the money for as long as it takes to pay it off. Most
Canadians choose to amortize their mortgage over 25 years. That's a
long financial commitment, and it could more than double the cost
of your home. But with good planning - and a few smart tactics -
you should be able to enjoy your mortgage-burning party much
earlier. Here are a few strategies for fast-tracking your
mortgage:
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Credit Online Rating Report 1. Increase your monthly payments. Rather than choosing your
amortization period first, ask yourself how much you can afford
each month. For example, you may feel that you can afford $1,000
per month. You're delighted when your $125,000 mortgage only
demands an $800/month payment (at a 6% interest). But make a
monthly payment of $1,000 instead, and you'll shave 8.75 years and
almost $46,000 off your total interest cost.
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Credit Score Rating Scale 2. Take advantage of lower rates. In addition to reducing the
overall interest component of your mortgage, you can take the
opportunity to pay down more principal faster - simply by
maintaining your original payment. You should even increase your
payment if you can, to reap the benefits of some of the cheapest
mortgage money in memory. Again, you could take years - and
thousands of dollars off your mortgage.
What's a Good Credit Report Rating While each lender decides what credit score it considers a good risk, if you're credit score is generally 650 or better, you will probably be considered a good credit risk (meaning, you're likely to pay off a loan on time and in full), and you'll therefore qualify for a prime (i.e., desirable) interest rate. If your credit report rating is between 620 and 650, you may also be qualified for a desirable loan, but you may need to provide the lending institution with additional documentation to prove that you're creditworthy.
Bad Card Credit Credit People 3. Tie mortgage payments to your pay schedule. Many Canadians
are paid on a bi-weekly schedule. If you accelerate your payments
to bi-weekly instead of monthly, you could improve your own cash
flow and fit in an extra payment each year. That means that you're
paying off principal faster - leaving you with less interest to pay
overall. It doesn't seem like much but - like putting your coffee
budget to work - the bi-weekly strategy can have you mortgage free
four years sooner, with almost $22,000 in savings.
Free Credit Rating Report 4. Use any bonuses, tax refunds or "found money" to pay down
principal. This is especially valuable in the early years of your
mortgage. If you receive an annual bonus or other lump-sum
compensation, see if you can put it against the principal. An extra
$1,000 per year is a great way to fast-track to mortgage-free!
Credit Rating Scale 5. Consolidate your loans into a new mortgage and use the
savings to boost your payments. If you're a homeowner with some
equity, you can use your mortgage to consolidate your other loans:
student loans, car loans, etc. Add the money you've been spending
on loan payments to your mortgage payments, and you could see big
savings in overall interest.
Bad Credit Rating With mortgage rates still low, you should take the opportunity
to get an expert mortgage analysis from an independent mortgage
broker with access to mortgages from a wide spectrum of lenders.
You've got a great opportunity to put some fast-track tactics in
place. You'll remember what a good decision you made at your
mortgage-burning party.
Credit Rating Agency
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Credit Rating Canada Donna Lewczuk has been in the financial services industry for
over 20 years. She specializes in helping people with damaged
credit get the mortgage financing that they require. If you would
like to discover if you qualify to slash your debt in half, get
your FREE report at http://www.donnasmortgages.com .
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