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| For terms and definitions Click Here. Q: What are the advantages of a negative amortization loan? A: A negative amortization loan usually has a low initial rate. This is an ARM with caps placed on the payment increase, interest rate increase, and balance of the loan. With proper planning, this loan could be used to create added savings. Q: Should I refinance my mortgage to consolidate debt? A: Consolidating high interest debt can drastically lower monthly payments to creditors freeing up money for additional principle payments, savings, or investments. Q: How can I improve my credit scores? A: Making payments on time, limiting the number of credit checks, and keeping good credit depth can improve scores. Also paying off collections, judgements, or derrogitory accounts can immediately improve credit. Go to Credit Worthiness Q: Can I invest money received from refinancing my home? A: Investing proceeds from refinancing a mortgage is not legal. The monthly savings from refinancing a mortgage however can be invested. |
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