Is poor credit hurting you?
I’m sure you’ve often imagined what your life would be like if you didn’t have poor credit. Well, for starters, you probably envisioned yourself living in a better home, driving a better car perhaps? Of course, along with better credit, you would now become entitled to lower interest rates; rates much lower than what you are probably paying, which would result in savings to you! Savings you could pay part or all of your next vacation with. But back to reality again and that damn credit that’s killing you, and you just can’t seem to do anything about it!
That, I’m positive, is what you say, but not what you really mean. What you really mean is you’ve tried to fix your credit in the past and somehow it’s only gotten worse, OR, as much as you would like to have excellent credit, you’re sure that once you get there you will just revert back to your old ways. Going through all of that effort just to wind up back where you started would for many of you, I’m sure, be too much to bear!
If you’re a movie fan like me, as a famous character once said, “forgetaboutit”. Bad credit isn’t a problem if you truly don’t want it to be. We have the ability to pull out the equity in your home, if we need to, in order to correct this problem. Most times I can lower your overall payments when we do this, because as bad as your credit might be, we do not have to deal with the same double digit rates most of your credit cards have. Chances are also that many of your other loans and alike also have higher rates than what I can usually get. Plus, with my solution, you’re actually going to pay off your credit lines. As you probably already know, most people don’t ever pay off their credit lines; unfortunately, most people just make the minimum interest payments. Worse yet, some of you out there are “robbing Peter to pay Paul”. In other words, you’re using one credit line to make the minimum payments on another! Does any of this sound familiar? Simply put, you’re on the “never-never plan”, never going to stop making payments and never going to pay if off!
Yeah, your rates could get into the 8% or 9% range for really poor credit and a high loan to value, but that would be like stealing money from the credit card companies. With a low credit score, and say, cashing out to 85%, I would typically have you in the high 8% range, and on a $300,000 loan, the payment would be in the $2400/month range, still using a 25 year amortization! Add up what you are paying on your credit cards, any other monthly debts and your current mortgage, and I believe you will be higher than my figure. Not only that, but all of a sudden, your stress level will drop a few notches!
If this sounds like something you would like to explore, contact me, or apply online and let me show you the actual figures. I can promise you that I’ll make the process hassle-free and in a matter of a few weeks, you will be flying, because not only will your overwhelming debts be gone, but you will also have some cash reserves sitting in the bank for a rainy day, and you will not be sliding back the other way.
