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Time For Summer Savings with Debt Consolidation

Time For Summer Savings with Debt Consolidation

“It’s summertime and the livin’ is easy…”

Or so the song goes… One thing that is true, however, is the fact that it’s summertime and that means it’s also the perfect time to reassess your financial situation before the fall/back-to-school routine kicks back in. Perhaps you extended yourself a little bit in order to make summer vacation a reality. Perhaps it’s just time to get your financial house in order. Either way, debt consolidation through refinancing is a great way to save money by rolling all your other high-interest debts such as credit cards into one simple monthly payment, potentially saving you thousands of dollars.

Your Home Is Where The Help Is

Many homeowners don’t fully understand the power they have in the equity in their home. With enough equity in the home, homeowners can refinance, perhaps even at a lower interest rate, and use a handy debt consolidation loan to roll all necessary debt into one payment. There are many benefits to a debt consolidation loan. Not only do you spare yourself the headache of multiple high-interest debts (which means you’ll pay less in overall total interest while helping to improve your credit score), but with a debt consolidation loan, you have the convenience of only having to pay one lender.

In addition, if you haven’t noticed, nearly 10 percentage points separate today’s average 30-year-fixed-rate home loan  interest rate and today’s average credit card interest rate. That’s nearly a 10% reduction in your interest rate just by moving the debt.

MiLEND Can Help

Because your home is easily the largest purchase you’ll ever make in your lifetime, MiLEND understands how important it is that you receive the right information so that you can make a decision you can feel confident about. At MiLEND, refinancing is a specialty, and they have plenty of options that can help you save money, and possibly improve your credit standing. Whether it’s a no-closing-cost loan, temporary ARM loan, 20-year fixed rate loan, or any of their other convenient loan options, Contact MiLEND today and see how their helpful and knowledgeable staff of friendly loan experts can help!

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Good to Know: The Role of a Closing Attorney and the Title Company

Good to Know: The Role of a Closing Attorney and the Title Company

 

There are many steps involved in this process. From beginning to end it goes roughly as follows:  When a lender meets with a borrower, for either a purchase or a refinance, the lender requests a title search to find out what, if any, liens have been placed against the property. The title search will also verify the names on the property title.

 

In a refinance or purchase transaction the lender will order the title search through the closing attorney which is usually the lender’s attorney in a refinance and the seller’s attorney in a purchase transaction.  The closing attorney performs a title search, or abstract, pulling data from the recording body, usually the county the property is located in, to determine what liens are on that property.  If there are unexpected liens, the borrower will be able to address them with the seller before closing.

 

The Closing attorney will often offer title insurance through a title company the attorney represents.  Title insurance protects real estate owners and lenders against any property loss or damage they might experience because of liens, encumbrances or defects in the title to the property. Once the transaction is ready to go to closing, the closing attorney will prepare the closing documents and reconcile the figures from both sides of a purchase transaction or with the borrower in a refinance. Once everyone is in agreement, the closing attorney receives the funds sent by the lender and then distributes these funds to the parties involved in the closing.

 

At the closing, the closing attorney will review the documents with the borrower.  Keep in mind though that the closing attorney is unable to give advice or direct a borrower or seller as to a course of action if questions arise. Borrowers should always have either an attorney or someone knowledgeable about the lending process involved. After the closing, the closing attorney will arrange to have the recordable documents sent to the recording body to be recorded.

 

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VantageScore: The New Method of Calculating Credit Scores

VantageScore: The New Method of Calculating Credit Scores

The math behind your credit score is getting revamped, with changes big enough that they might alter the behavior of both cautious spenders as well as riskier borrowers. Those with low scores may benefit from the removal of civil judgments, paid medical collections, and any paid collection and tax liens.

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Conventional and FHA Loans: Which is Best?

Conventional and FHA Loans: Which is Best?

While the list of options seems to be shrinking for mortgage customers, understanding the differences between two of the major programs, Conventional or FHA, and when you might want to use each, should help to make you a more informed consumer.  Each has its own unique benefits.

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