Did You Know That The Average American Household Has 13 Payment Cards — Including Credit Cards, Debit Cards, And Store Cards? Plus, There Are 1.3 Billion Payment Cards In Circulation In The United States Right Now. And, On Average, Americans Carry About $5,800 In Credit Card Debt Month To Month. If One Were To Make Only The Minimum Payment On That Debt Each Month, It Would Take 30 Years To Pay Off — Including An Additional $15,000 In Interest. Welcome To DebtConsolidationSite.com. We'll Provide You With Articles, Tips, And Tools That Will Help You Regain Control Of Your Credit. As
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Hot: Which Is Better -- Consolidation Or Bankruptcy?
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Can You Really Get Credit After Using A Debt Service?
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Shared appreciation mortgage: why would you go for it?
Author: Maryann
Mortgages are gaining in importance as a financing option with the Americans. With this growing popularity comes the innovation in the existing types of mortgages to suit different interests. This is an attempt to elaborate on one of these terms-shared appreciation mortgage or SAM.
SAM was introduced during the 1980s when the interest rates were in double digits. It gives the opportunity to the borrower to negotiate a lower interest rate (usually 2 to 3 points down from market rates) and agree to share the home appreciation value with the lender by an agreed upon percentage. You get the option of either not paying anything throughout the term or the monthly payments according to the interest locked-in. For the definition of SAM you can visit http://www.mortgagefit.com/sam.html
This mortgage is not for all. You need to check out the benefits you can get out of this before you opt for it.
• First-time buyers get the opportunity to own their houses as well because they need not pay all the amount yet get the house
• It increases the buying capacity of the borrower with the same income ; it can even help you qualify for a loan which you couldn’t otherwise
• If the home appreciates, you have to pay a certain agreed upon percentage of the value to the lender, but if there is no appreciation, you need not share any money but you automatically qualify for a cut rate .
• It can be used a refinance option, where you can cash out little by little for immediate needs. If you go in for debt consolidation loans, you will lose all your equity and you have to bear the cross of a higher interest rate.
• Because of the cut in interest rates you can save up money. You have the option to invest the same which will help you pay the balance later
• You have the option to defer payments as well as specify for what time period you want the SAM as part of your loan.
SAM is not always available with lenders. When the markets are dipping, the lenders are not ready take the risk. You as a borrower must look ahead and analyze how much your house equity will appreciate and plan the mortgage out. Remember it is your house and you will have to pay perhaps more in this bargain for immediate gains.
For more in-depth analysis of mortgage related concepts visit us at:
http://www.mortgagefit.com
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Recently, an interesting
email came across my desk. I'll paste it below.
Check it out...
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Dear Anthony-
HELP I am in over my head
and I obviously need help. I owe just over $12,000 on two credit
cards. I know in
the past you recommend debt consolidation. But, I have read about
of the SCAM artists out there. Is
there someone I can talk to that you recommend? -Dan, New York
There are a lot of things to watch out for when it comes to debt consolidation. I
have a company I wholeheartedly recommend to others in need of help. I
find them fair, easy, and they don’t use “high-pressure” tactics.
Press the link below to check them out now.
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