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Be Patient - Your friend has just gone out and bought a state of the art computer with all the bells and whistles and after looking at your slowpoke old...

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Refinancing Debt Consolidation Mortgage

Debt consolidation mortgages can save you from losing your house, car, or other property.  This type of mortgage is better than if you were to use an unsecured debt consolidation loan.  Unfortunately, the mortgages can also be a less than pretty scenario.  If you are in debt chances are your credit scores are not the best, so the mortgage will have a higher interest rate than is appealing.  There is little you can do when you obtain the debt consolidation mortgage.  You will have to wait at least a year before you can consider refinancing debt consolidation mortgage loans.  After a year of good behavior as the mortgage lenders see it you might be able to go through a refinancing debt consolidation mortgage situation. 

If may take longer for the refinancing debt consolidation mortgage to be an option.  It will all depend on when you acted and how quickly your credit scores are returning to an appealing height.  Most mortgage companies are not willing to deal with less than 700 credit scores.  The recent recession and collapse of banks has made lenders wary.  The best thing you can do is make your mortgage payments on time, keep away from credit cards, and restrain your spending. 

If you can show the lenders you are responsible you will eventually be able to go through a refinancing debt consolidation mortgage situation.  When refinancing debt consolidation mortgage it is imperative that you get a deal that has a lower interest rate.  The interest rate is what really matters.  You need to be able to afford the monthly payments, but if you have an interest rate that is only 1 percent lower on the refinance deal than the current mortgage you are not benefiting a great deal.  1 percent over time may add up, but chances are the closing costs added to the new mortgage will outweigh your savings. 

Before you get into another mortgage or any debt consolidation loan speak with a professional.  An accountant can help you decide if the debt consolidation loan is the best way to go. 

 

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Definition: George Soros is one of the top investors of the last couple decades.  He is largely known for his bet against the British pound, which resulted in a one-day profit of $1 billion. Advice: George Soros managed the Quantum Fund, a wildly-successful hedge fund, for nearly 30 years.  He rose...

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