Experts suggest that if you want to stay healthy and live a long life you need to eat right, exercise, refrain from smoking, and avoid stress. Everyone can eat right, exercise, and not smoke, but avoiding stress is not always possible especially since one of the greatest sources of stress is money problems. In particular, paying the mortgage, lowering debt, and dealing with a poor credit score. While a reputable and quality mortgage planner can’t produce a big pile of money for you, they can help you improve your financial situation and your financial future.
Trouble Paying Your Mortgage
If you’re a homeowner who is or about to have trouble paying your mortgage you should see an experienced mortgage planner right away. You should see one even if you don’t have equity in your home. Banks and traditional lenders probably won’t help you but qualified mortgage planners have a lot of resources and contacts at their disposal that will. One such option is a lender that will buy your home and then let you stay there on a rent-to-own basis. That may sound a little drastic but if you have kids this enables you to keep their lives stable while buying time to improve your financial situation.
Having a lot of debt is another major source of stress. Your credit card bills and car loans might be gobbling up a large chunk of your monthly income. If this is the case you should see a mortgage planner about consolidating your debt. They have access to dozens of lenders that can help you roll your high interest debt into a low interest mortgage. Taking advantage of Canada’s low interest rates and rolling over your debt can lower your monthly bills and increase your monthly cash flow.
First of all, lenders may look at you as a number (your credit number) but we never do. You’re a person to us. Nonetheless, your credit score, or FICO score, is very important. Your credit score, a number between 300 and 900, is a measure of how risky you are as a borrower—the higher the number the better. So if you have a credit score around 800 lenders are likely to give you the best rates possible. If you have a credit score below 600 expect to pay high interest rates.
A mortgage planner can assist you in improving your credit score. For strategies on getting your score as close to 900 as possible see a mortgage planner today. Until then, make sure you pay your bills on time, don’t max out your credit cards, and cease from opening new credit accounts.