What does a home mortgage & this CD-ROM program have in common & why do I need this CD-ROM program if I have an adjustable, variable rate loan or “Temporary, Band-Aid loan”?
[top] A: For several reasons. Once you are in your home you now have the chance & must begin cleaning up your credit, reestablishing new credit & ultimately must refinance into a conventional, lower rate mortgage before your loan adjusts to a higher interest rate with larger monthly payments. If you already have a home, a refinance to cash out equity to pay off or consolidate your credit card debt, collection accounts, chapter 13 bankruptcies, liens, any debt deficiencies balances is a great way to begin cleaning a troubled credit history, save money each month & get back on track. You must remember that these adjustable loans are typically for the short term, usually 2-4-5 years. You will need to begin restoring your credit now so that by then you have cleaned up your (and whoever is on title(s)) credit and can qualify for a refinance into a traditional lower risk, better term, lower interest rate loan, with lower monthly payments.
