Hot Tip Of The Week

Lots of Questions on Mortgages

1. Best 5 year rate today 5.05% (stated in Bank window 6.75%)

YOU MUST HAGGLE ... THERE IS A DIFFERENCE OF ALMOST 2%!!!!

2. Think about getting a presidential mortgage (Like now - come due in US election year) or a four year term now.

3. Rates will be even til US election ... after that higher ... lock in investment mortgages.

4. Credit line or mortgages?

Often people take out credit lines not realizing that almost all banks report credit lines to your credit bureau... Mortgages do not show up on your credit report.

So if you had a house of $600,000 ... and you owed say $200,000 the bank will give you a credit line of $400,000 ... and that's what your credit report will show ... $400,000 - a $400,000 debt.

If you took out a $400,000 mortgage it would NOT show...

More Tips

Save This Page to del.icio.us