Now that we are in the middle of the graduation season, you will find many stories about the mounting level of student loan debt. There are now over 40 million borrowers with an average balance of around $29,000. The total amount of debt is up to about $1.3 trillion and there will be tens of billions more by the time this graduation season is complete. That is a lot of money that must be paid back and therein lies the challenge for so many borrowers. It is estimated that over 13 million people have past due balances and that one out of every twelve student loans is in default.
The big three Credit Reporting Agencies (CRAs)—Equifax, Experian and Trans Union—have come to an agreement with the New York Attorney General, Eric Schneiderman, to overhaul the way they report consumer credit which will benefit consumers nationwide.
One of my trusted and recommended resources that will allow you to easily customize your auto loan by extending the auto loan term and lowering your monthly payment is LoanGEN. It is an easy to use tool that you can access at the following website: www.myLoanGEN.com.
Jordan Goodman recently appeared on Power Your Life with Dr. Jo Anne White.
Click the link below to see the show.
FHA mortgages used to be one of the most popular programs in the country and you may still have an FHA mortgage. From 2009 to 2014 the benefits of an FHA mortgage were drastically reduced because the cost of mortgage insurance went up sharply.
Announcing some GREAT NEWS!
As of January 26th, 2015 the cost of mortgage insurance on all new 30 year fixed rate FHA mortgages has been significantly reduced.
The average FHA customer could save over $900 a year without incurring any closing costs.
Thousands of FHA mortgage holders have been prevented from using the simple FHA Streamline Refinance in recent years because they did not have the required 5% down payment. This news solves that problem for many mortgage applicants.
How it works:
Anyone with an FHA mortgage knows that the only extra cost impediment is Mortgage Insurance. This comes in two parts - the M.I.P. (monthly insurance premium) and the UpFront Mortgage Insurance (which is financed into the loan). Over the past four years, the cost of M.I.P. has risen every year and it now stands at 1.35% on top of the mortgage’s interest rate.
For example, if your mortgage has an interest rate of 4.25% and your FHA Mortgage Insurance (M.I.P.) is equal to 1.35%, you are paying the combined rate of 5.60%. Now you can refinance with No Closing Costs to a rate of 3.75% with M.I.P. of .85% giving you a combined rate of 4.6%. On a $200,000 mortgage that could save you over $200 per month for 30 years!
If you are an eligible homeowner, this drop in monthly mortgage insurance comes on top of the lowest mortgage rates we’ve seen since June 2013.
WHAT SHOULD YOU DO NOW?
Remember - reducing your rate by even 1/4% for NO COST can save you 2 years of mortgage payments!
No Income Verification - That means your current income or debts do not matter.
No closing cost options are available -- That means the lender will pay your closing costs for you. So you save lots of money on your monthly mortgage payments.
WHAT’S SO GOOD ABOUT IT ?
FHA Streamline Refinances are the simplest mortgages available today.
No Appraisal Required - Your current market value does not matter.
Visit www.YouCanRefi.com or call 800-272-5626 to learn more about this extraordinarily rare opportunity. The experienced team at YouCanRefi.com will help you determine your benefits and your information is not sold to other companies (unlike if you call a lead generation company like Lending Tree).
This program was first launched under President Ronald Reagan to assist senior homeowners pay off their mortgages and other debts. It also allows seniors to take out cash for any reason including long term health costs, home improvements or to supplement their monthly income. In the past, the loan approval process was simply based on these factors: Your age and the value of your home. There was no requirement to prove your level of income or creditworthiness. Even if you had credit issues including a bankruptcy or foreclosure in the past, you could still get a reverse mortgage.
Staring March 3rd , all that is going to change. If you apply after that date you will be approved for a reverse mortgage based on your income, debts and credit rating. If your credit or income as shown on your tax return is not sufficient to meet the new guidelines set by FHA, the reverse mortgage lender will be required to hold back some of your loan proceeds to pay for future property taxes and property insurance. This might lower the amount you receive from a reverse mortgage by a large amount. Experts estimate that as many as 30% of the people who are now eligible for a reverse mortgage will no longer qualify after these new rules go into effect.
There is still time to apply under the existing guidelines, but you have to move fast. If you are interested in getting information on reverse mortgages and how they may be able to help you, I urge you to contact United Mortgage Bankers at www.smartmoneyreverse.com or call them at 855-979-0502 or 631-396-1809 and ask for Russell Silver.
As most of you know, a home has become one of the largest investments people make.
If you would like to get more out of what you own and what you earn, put your money to work by saving interest with Equity Optimization. Your bank will not tell you about this program.
A great resource on Equity Optimization, I recommend on my radio shows is Truth In Equity. The typical Truth In Equity customer saves 10’s of thousands in interest and 15 or more years off a 30 year and 10 or more off of a 15 year mortgage.
Truth In Equity is not a mortgage company. Truth In Equity is a financial strategy company that is fluent in all aspects of financial strategies helping you get more out of what you own and what you earn.
When you visit Truth In Equity you will immediately discover just how much unnecessary interest you have paid and will be paying with conventional practice. Many discover that paying more toward principal isn’t an advantageous practice since it COSTS money before you can SAVE money. Get out of debt years sooner than you ever imagined and discover how you can save and build a stronger financial future for you and your family by visiting http://www.TruthInEquity.com.
The holiday season can be a stressful time, but the post-holiday stress can be even worse. Most Americans use credit cards to buy their gifts every year, knowing that paying those bills later on won't be easy. But did you know that making just the minimum payments on those credit card bills could mean it will take decades to pay them off?
If you're near the limits on your credit card accounts or you miss a payment every now and then, your FICO score is already suffering.
One of my trusted and recommended resources on debt management is Cambridge Credit Counseling who specializes in helping people pay down their debts, safely and responsibly.
You can contact them by visiting their website: www.cambridge-credit.org or by calling them Toll Free at: 800.897.2200.
"Is there a way I can sell my existing life insurance policy for more than I would receive by cashing it with my insurance company?"
Until recently, if you had an unneeded or unwanted policy, you had two options - surrender the policy back to the insurance company that issued it for its cash-surrender value (if any) or allow the policy to lapse (and receive nothing at all). These two options may not be appropriate for every one. And luckily, there is a third option, I often recommend:
You can potentially realize an amount greater than either of the two choices described above if:
You are over the age of 65.
You have significant health challenges.
You no longer have the original need for the policy.
You are considering surrendering or lapsing your policy.
The premiums to keep it in force have become too much of a financial burden.
One of my trusted and recommended resources and someone who has helped many people with this situation is Oleg from List Settlements (LIS). He can help you learn how you can benefit by allowing LIS to provide a free non-binding appraisal of your life insurance policies and make a recommendation.
HOW CAN LIS HELP?
LIS is a life insurance settlement broker. As such, it serves as an intermediary that brings together policy owners who wish to sell a policy and providers seeking to purchase them. Brokers will shop a policy to multiple providers, much as a real estate broker solicits multiple offers for one's home. Not all buyers are alike; LIS will help ensure that your policy is sold to a reputable buyer. This can give you peace of mind and the money that you need now to enjoy life.
You can contact them by visiting the website: www.fundinglife.com or calling them Toll Free at: 877.485.6681 or you can email Oleg directly at: [email protected]
As most of you know, health insurance has become the largest investment people make, with the possible exception of their home. Since such a large portion of family outlays go for this area, it is very important to get it right. Here are a few items you need to be on top of at this time:
As stated above the penalty for not having a compliant health plan goes up in 2015 to 2% of your income! That’s $2,000 for my average listener.
In most cases, you will not be able to correct the situation after February 15, 2015. Last year, many people who waited to the end had the clock run out on them in the crush at the end of open enrollment.
Most markets have new carriers this year which means more competition and the rates for many of last year’s plans have increased by double digits which demands a need to re-look at the carrier and plan.
One of the brightest spots is in NY where we have new plans and new carriers that can really give you some new options.
While my average listener may not be eligible for a tax credit, some of you are. And more than that, people around you, employees, children, grandchildren, and other family members, may need a tax credit to pay the high premium costs this year. We can help them with this.
Again this year’s plans cannot reject you or have a waiting period for any pre-existing conditions you may have, so you can feel free to take advantage of different benefits and lower premiums regardless of your health status.
A great resource I recommend on my radio shows is Medical Repricing. This service can help you with health insurance questions and options. Visit the website or call 877-642-5657 to get help finding the best solution for you or those you care about.