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Mortgage rates

Surging medical debt is trashing the credit score of millions – What to do to pay it off?

Do you have bill in collections that is drastically dragging down your credit score? If answered yes, then chances are high that it’s medical debt. According to a report by the CFPB or the Consumer Financial Protection Bureau, about 43 million Americans have unpaid medical debt on their credit reports, thereby amounting to about 1 in 5 credit reports. The financial bureau is now concerned about the rising concern of surging medial debt as a burden among the consumers and the negative effect that is being created on the credit scores of the consumers. The CFPB also introduced some new reporting rules that could easily make it possible to spot errors in your credit report.

It has been seen that medical bills account for about 53% of all overdue debt that shows up on the credit reports of the consumers. Many of such consumers could have otherwise been called credit worthy but it has been found out that for 15 million people, medical debt is the only debt that they have in the debt collection agencies and hence it is the only debt that hurts their score badly.

The widespread medical debt woes

Often times it is seen that patients start a treatment with the assistance of the in-network doctors according to their medical insurance policy agreement but at the end of the treatment, they’re given out astounding bills from an out-of-network doctor that the hospital tacked in at the last minute. Practices like these account for the widespread medical debt woes among the Americans. Studies reveal that roughly 45% of Americans owe money to the debt collectors for times they were sick. Most US adults are more likely to struggle to repay their medical debt or to let go of medical care due to the cost.

In fact, as per a financial advice company, Nerd Wallet, it has been found out that medical bankruptcy is the primary cause of personal bankruptcy within the US. So, it can be easily concluded that medical treatment is the main reason behind so many broke Americans. Most of them pay 3-times more on medical debt than what they pay on bank and credit card debt combined. Nearly a sixth of us will get calls from the medical debt collectors in 2015 and they will in turn collect $23 billion from us.

Vital tips to pay off your unpaid medical bills

If you’re someone who has been hit by outrageous medical bills, your first thought should be to reach out to your wallet and pull out your credit card. But experts recommend against this habit. All the savvy consumers should rather start comparison shopping for different payments options. Here are some helpful tips to cope up with hefty medical bills.

  1. Try negotiating: Everything can be negotiated and by effective negotiation, you can get a portion of your medical bill reduced. A hospital bill usually includes items for medication, anesthesiology, surgery, X-rays and various other expenses. Try to talk to each of the service providers to check if they could reduce the bills.
  2. Look for different payment plans: If you’re unable to pay off the entire balance at once, try and work out a payment plan with the doctor. While some may charge you no interest, others may. However, ensure that the plan is realistic and is totally based on your ability to pay. Stick to the plan.
  3. Don’t ignore collection agency calls: In case your account has been turned down to a collection agency, don’t ignore them. Dodging a debt collector will make things worse. Even when you can’t pay, just call them and say that you can’t pay. As long as you’re in touch with them, they won’t think that you’re avoiding them.
  4. Opt for debt consolidation: Medical debt is an unsecured debt and hence it can be consolidated through credit debt consolidation. Get in touch with a lender who will lend you the loan at a low rate and then use the proceeds to repay your medical debt. Once you’re done, start repaying the debt consolidation loan.
  5. Start following a budget: Getting over medical bills once, doesn’t mean that you’re done with it forever. If you wish to avoid such monetary issues in the long run, start following a budget now. Devise a budget according to your income and expenses and follow it without fail. Experts advise having at least 3-6 months living expenses ready.

So, if you’re trapped in the cycle of medical debt, take into account the above mentioned solutions. Remember that medical debt is a burden for many and hence it is best when it is paid off. Get help from professional advisors if you’re not confident working on your own.

The best ideas for spending extra money

Sometimes it happens that you get extra bonuses with a paycheck, get money presents from family members or just find it simply on a road. There is no doubt that you feel lucky and the most important thing here is to treat this money so that luck wouldn’t disappear. Even if you find just $20 they may bring you many opportunities if being properly spent. Here are some good ideas which will help you to invoke good luck in life with the help of the correct extra money management.

Idea 1 – covering pending amounts
Of course if you experience financial difficulties because of outstanding debt the issue requires all extra money on its coverage. Or if you have just taken online loan with no credit check in order to improve your credit score it goes without saying that any additional amount of money should be driven for those purposes. Of course you will not get and instant pleasure from spending the money because that would be one of the many payments which should be committed. But from the other point of view being debt free is a good opportunity to start building wealthy future or having a good credit score is a good opportunity to get an attractive interest rate when applying for mortgage. And the sooner you achieve such result the better.

Idea 2 – investing
Of course you need to have much knowledge and practice to become a successful investor who works with securities or real estate. But you may be not involved in such serious deals and still your money may work for you. It is a good principle – to make all dollars working for you. Of course starting up a business is another good opportunity to perform this principle but sill it requires much knowledge and talents. On the other side we are here to study and to develop. There is no need to build a factory or to create an office crowded with employees. Today you may easily launch an Internet business which is not expensive and brings results in no time. Or you can turn your hobby into the income source and invest all extra money into this area. Let us say you love houseplants and you can start growing up some interesting and unique examples and then to sell it. There are many ideas over the Internet about how you can make money with a hobby.

Idea 3 – filling your funds
It is necessary to put some money for future targeted use. It is a wise solution to have an emergency fund where you can take money from at any time if there is an urgent need. Besides it is necessary to collect money for the retirement. If you have children it is great idea to save money for their education. And it is much better to invest extra money in future of your children then to buy something that will not bring you any significant result.

Remember that correct personal money management is a pledge for your success and wealthy being.

Purchasing foreclosed homes – Essential tips to follow

Are you someone who is in the market to buy a foreclosed home? Well, buying a foreclosed home is a little bit different from buying a typical real estate property. If you have enough unsecured high interest debt on your cards, you should start repaying them through debt consolidation companies or other debt relief options as you have to go through the process of taking out a mortgage loan and henceforth you will obtain better rates if you don’t have too much debt.

In the process of purchasing a foreclosed home, only one real estate agent is usually involved. The seller often wants a preapproval letter from the lender before he takes the plunge of accepting the offer. There is often little or rather no room for negotiation. The foreclosed home comes as it is and it is therefore up to the buyer to pay for all kinds of repairs. On the upside, most homes owned by the bank are vacant and the entire process of moving in can be fast.

Ensuring the best deal while taking the risk of buying a bank-owned home

Buying a foreclosure is certainly a bit of a grind as it’s not so easy. Although you’re getting fantastic pricing, yet sometimes it may take a lot of time to go through a number of houses and writing a number of offers. Throughout the nation, around one-third sales in May were of distressed properties and a huge chunk of those sales went to mostly first time homebuyers. Check out some tips.

1. Get pre-approved for a mortgage: The first two steps that you have to take before buying a foreclosed house is to locate a real estate broker and get a pre-approval from a mortgage lender. Shoppers should first visit a website that has a list of foreclosed homes. The goal of going through the list of “real estate owned” is not to find a house but to find an agent. Banks usually hire one broker to handle such properties. The next thing that you need to do is to get a pre-approval from a mortgage lender so that you know the amount of loan that you can afford to qualify for.

2. Pricing is not an easy factor: There’s no particular thumb rule as to what the bank’s bottom line is on the price. Just like you have to compare and contrast while buying other properties, here too, you have to look at the current sales price of such properties. There are times when the banks price the homes really low so that the home has multiple offers within a few hours of listing. Sometimes the bank prices the home too high and in such cases you can end up with a lower price. Always keep in mind that a foreclosed home is sold as it is and hence you shouldn’t expect to get a discount to compensate for repairs.

3. Boost your credit score and repay your debts: While getting a mortgage loan for a foreclosed home, you need to have a good credit score so that the lender relies on your repayment ability. In case your score is low enough, take immediate credit repair steps and then start repaying your debts. If you have a high debt-to-income ratio, the lender will have a doubt about your repayment ability and therefore he might charge higher interest rates to reduce their risks in the event of a default.

Hence, if you’re in for a foreclosed property, make sure you follow the above mentioned tips so that you can end up with the best deal that suits your current financial state and your affordability.

Second Home Equity Mortgage Loans and the second mortgages

A lot of people are known to have a belief that the second home equity loans are the same as the second mortgage. However, second equity mortgage is an additional loan which is taken on you existing mortgage. These loans are generally used to avoid a refinancing option.

Second home equity loans often prove to be good when you consider reducing debt which has been creating problems for you using these loans. Since you get a lump sum amount in these loans you need to be careful in the way you spend it and also make sure that you are on top of the payments. Any delay in the payments will mean loss of your home. The interest rates applicable on the home equity loans are any day higher than those on the first mortgage.

Home equity loans can be used for any purpose deemed correct by you. Generally the loan is used for repaying of the high debts like the education fees, credit card debts, high medical bills , home renovations or similar purposes where accumulating funds can be a problem. These loans are fixed rate loans and the kind of cost you will need to bear on them will depend on several factors which include the amount of loan you require, the tenure of the loan, the prevailing economic circumstances at the time of taking the loan. In case the economic environment is tough at the time you apply for the payday loan no credit check, the lenders are generally going to charge a higher interest rate on the loans in order to secure their loans further.

These loans are of excellent use to those who are having low credit ratings, naturally because they are less likely going to get the loans at good rates from the market and placing the home as collateral they offer additional security to the lenders and hence the lenders offer them loans at competitive rates. However, there is always the risk of losing your home in case of non-payments and hence the borrower need to have a concrete plan in place for the repayments to avoid such action.

The Benefit Of Home Equity Mortgage

There are lot of people who after they lived for a couple of years in their existing house, look towards getting a new house or renovating their existing house. This may be a great thought and will remove the monotony of living in the same house for years but they can cause a lot of anxiety if you are not well prepared for the same and require to take a loan instead.

One might require huge amount of money to deal with these expenses and there is a great possibility that they might not be able to spend a lump sum on the same. However, looking at the requirements it is only a high value loan which can help them satisfy their needs.

If you think that the expenses you make are going to cost you heavily and this stops you from taking a second equity mortgage loan, you need to review your decision in totality. There are a lot of people who would find that spending on your house can bring you double the returns in due course of time. You can sell the house, use the money you get to repay your existing loan and reinvest the extra money to get a new home with the desired features and at a much better location. You can continue staying in the same house and use the renovations for a better living till the time you want. With time the valuations of the house will increase and you will find yourself beeter placed. You need to wait for the perfect timing if you are looking to move out to a new house for a better rate of interest.

Home equity loans are great in the sense that you can get them easily and the rate of interest applicable on them are really great which can offer you a lot of savings. Taking these loans will mean a lot of goods to you as you can use the amount to repay your existing debts and hence see you credit score improving further. Those who can plan better can use the savings to fund their vacations and enjoy a good time with their family.

As has been a prevalent practice the home equity second mortgages are specially designed to meet the requirements which need huge amount of money , arranging which it might take years and you might never be able to get the benefits you had expected because of the lapse of time in getting the same.

Mortgage Loans for Bad Credit Borrowers

One should understand that taking a mortgage loan is no easy decision and one has to take the responsibility of repaying the loan as per the terms and conditions agreed upon with the lenders. If you are the one looking for a mortgage loan with a bad credit, the only thing you need to prove to the lenders is that they can trust you and making a loan offer will be a safe decision for them. The way you are able to convince the lenders will decide the kind of flexibilities you are offered on the loans you take. Remember mortgage loans are long term loans often extending up to 15 to 30 years and even marginal savings on them could mean a lot of money for you which can be used towards the payment of the loan closing costs or towards the down payment.

All this requires some extra effort on your part. Getting mortgage loans with better terms in spite of the bad credit will really not sound that simple but it is all possible provided you do the right preparation and get the right terms. The steps that are required to get the Worthy loans are really not complicated and all it requires is simple understanding of the basic financials. Here are a few steps which can help you get better loan packages:

Bad Credit Explained

As  the first step one should start with understanding what bad credit is and how it really affects the mortgage loan for bad credit. Whenever you take a debt, your payments are tracked and gets added to the credit history. The amount of loan taken is not that important, what really makes a difference is the way you make the repayments, how regular are you making them and even if you are able to make more than what is w=expected as prepayments.

Every time you make a repayment towards the loans taken by you, you can see your credit rating increase. However, any delayed payment is going to have a negative impact on your credit score. The credit scores range between 300 to 850 where 300 is the lowest and the most undesirable state to be in and 850 being the highest and the most desirable state both by the borrowers and the lenders. A score of 700 is considered to be good but one should work towards improving it further. However, score below 600 is less than average and requires immediate attention of the borrowers and they need to take proper steps to address them at the earliest.

There are several factors which impact the overall credit score and they include ,severe financial conditions like bankruptcy and foreclosures while the delayed payments have the minimum impact on the credit scores.

Improving Your Application

Low credit scores are never a good sign for the lenders and they need to take every step possible to improve them and that too at the earliest. Credit score rebuilding is a gradual process and it takes its own time. This means that the sooner you understand the need of working on your credit score and take steps you will see it gradually improve over a period of time. However, all the efforts will never go in vain as it will all reflect on your credit history and once you apply for the credits, the lenders are definitely going to respect you moves and this can definitely mean quick approvals and better terms under the mortgage loans you take.

Although there are different methods available and different institutions and agencies which can promise you great results within the shortest time, the debt consolidation looks to be the most suitable ones. Under this, a single large loan replaces all the other debts you have by the repayment of the same. With each of the debts that you clear,  credit bureaus incorporate the payments in the credit history and the calculations they make in deciding the credit score which results in the enhancement of the scores.

If your current financial status does not allow you to qualify for the large consolidation loans, you can apply for the small loans which can be used to clear the debts and at the same time repaid immediately. This will help you improve your credit score soon. In case one has a bad credit, they can go for the payday loans which though being high interest rate loans can make available the money which can be put to increase your credit score.