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Many homeowners are considering taking advantage of today’s historically low interest rates by refinancing their mortgage. In many cases, they are able to save hundreds of dollars per month by refinancing. Whether mortgage refinancing makes sense for you can be easily determined by doing some simple math.

The first consideration is how much lower your new interest rate should be than your current rate. There is a common belief that if current rates are more than 1.5 to 2 percentage points lower than your current rate, then you should refinance. That’s a good starting point, but there is more to the story than just the raw interest rate.

Your real concern should be the total cost of the mortgage refinance both in the short term and the long term. The total cost includes not only the monthly mortgage payment (principal plus interest), but the closing costs, as well. Closing costs typically include such things as:

 

 

• Appraisal fee

 

 

• Credit Report fee

 

 

• Processing fee

 

 

• Commitment fee

 

 

• Tax Service fee

 

 

• Flood Certification fee

 

 

• Discount points (if any)

 

 

• Title Insurance (based on mortgage amount)

 

 

• Recording/Notary fee

 

 

• Per diem Interest

 

 

• Real Estate Taxes

 

 

• Home Insurance (percentage of mortgage amount)

 

 

Adding all these up can easily run into several thousand dollars, even without discount points. This is money that must be paid at the loan closing. In the case of a mortgage refinancing, lenders often advertise “no closing costs”, which is a bit misleading. The truth is that there ARE closing costs, but they are paid out of the proceeds of the loan rather than the pocket of the homeowner. This is possible when the homeowner borrows against the equity in their home as part of the refinancing.

As an example, let’s say that your home is worth $175,000. Your original mortgage was for $125,000 over 30 years at 7% interest. You still owe $100,000 on the original mortgage. The closing costs for your refinance are $3,000. If you simply refinance the $100,000 amount at a lower interest rate you will reduce your monthly payments, but you will have to pay the $3,000 closing costs out of your own pocket. If you choose the “no closing costs” option, your $3,000 closing costs will be paid by simply borrowing the additional money against the equity in your home (i.e. the value of your home less the amount owed). Your mortgage will now be for $103,000 instead of $100,000.

So, what about that widely held 2 percentage points belief we mentioned earlier? The monthly payment for a 30-year $125,000 mortgage at 7% interest is $831.63. For your new 30-year $100,000 loan at 5% interest, the monthly payment is $536.82, a savings of almost $300 per month. If the new mortgage is $103,000, the monthly payment is $552.93, still saving you over $275 per month. In this scenario, considering only the monthly savings, you would recoup your closing costs in as little as 10 months.

Sounds great, right? Well, there’s another factor you need to consider. If your original mortgage was $125,000, you’ve been paying on it for 152 months to get the principal balance down to $100,000. Therefore, you have 208 months left before the mortgage is paid off under the original terms. If you continue without refinancing, you’ll pay an additional $172,978 (208 months at $831.63 per month).

If you refinance your mortgage for the $100,000 you currently owe, you’ll pay on it for 360 months at $536.82 plus the $3,000 closing costs for a total of $196,255.

$172,978 <– payout without refinancing

-196,255 <– payout after refinancing

-$23,277 <– difference

In this case, by refinancing you will end up paying an additional $23,277 for the new loan over the original mortgage. This works out to about $775 per year, which may be acceptable to you in order to have the lower monthly payment now. You are the only one who can make that decision based on your personal financial situation. The important thing when refinancing your mortgage is to consider all the ramifications.

This is another of today’s money secrets that can help you get the most for your money in today’s lending market!

Property auctions in Spain are widely regarded as a safe and solid way to buy Spanish Property. The Spanish political and social economy has long been well established and flourishes with 21st century ideals. Spanish Property Auctions come in an incredible variety of styles, sizes and prices. Javea properties aimed at the holiday sector of the market are completely different to properties in Javea built for the Spanish.

Investing on a property has been a common interest for the Spanish families over the last years. The property value has increased dramatically in the last decades. Invest in a new off-plan property in Spain today – our properties are selling fast, so act quickly. You only need an initial small deposit to reserve a property, contact one of our property consultants in London for more information.

Spanish Auctions today present some of the best deals ever seen on the market. With the end of the property boom, demand no longer exceeds supply and prices have stopped skyrocketing. Spanish Full Monty and Polaris World invites you to discover a world where everything is possible, because you will find it filled with amenities at your service, an atmosphere of rest and relaxation or, if you prefer, of diversion. Countless possibilities in an ideal setting for the practice of your favourite sport, with a climate swathing your days in the soft and warm tones of the Mediterranean. Spanish property is still selling if the price is right, although it can said that there are not the number of buyers around as there was a few years ago. Visit all the local agents and consider selling it your self or at the very least advertising your property.

Spanish property auctions have been growing almost as fast as those in Ireland in the past decade and 2006 was the first year in six where the annual growth rate was under 10%. There has been a debate about whether or not this is a bubble about to burst.

Perhaps you are planning to live in Spain or maybe you are interested in renting your property out. We have the experience to help you along the way. Perhaps a luxury villa to rent in Marbella? Whatever the type of holiday property you are looking to rent on the Costa del Sol in Spain, SIR can help you. All properties should be checked out by qualified people prior to bidding on a property in a Spanish Property Auction.

So it’s coming quicker than expected, planning for a party is by far the most challenging and demanding aspect of any party. It takes time and efforts on the host’s part to make a perfect setting. Sometimes even when you spend all the time planning the perfect party, you can end up having a dissatisfied audience and eventually, a dissatisfied you! Here are some party planning ideas that can help you to get going on the right track.

The first rule of thumb, party planning is to keep in mind the group of people for whom you are giving the party. Parties can be planned for kids, teenagers and even for grown ups. Go over different themes that are appropriate for their age group and their interests. Birthday parties don’t have to be the same things every time. They can have themes and can be held in unique locations of your house such as near the swimming pool, in the garden or in the backyard.

The Best graduation parties also have great potential and the basic thing to remember before you organize them is make sure that the graduates remain the centre of attraction at all times. Take into consideration the interests of different people and then design a party accordingly. Sports themes are ideal to impress sports fanatics and a Dr. Seuss graduation party is a great way to celebrate your kid’s graduation. You can arrange for personalized graduation party invitations, candy, balloons, candles and what not! Life sized cutouts and wall graphics, personalized cameras and bottle labels will help you make your party more special. Decorations and party items like balloons, streamers, banners, party hats and other things go a long way in making the perfect party atmosphere.

Here are more party planning ideas that you can capitalize on to celebrate different occasions.

1) If you are going to be the one hosting a young kid’s party then the planning is quite easy. You can pick a popular or favorite cartoon character and build a party theme around it.  Places like the zoo, amusement park, water park or other places that can keep the kids busy and happy are ideal venues for hosting parties for them. However, you have to think a lot if you are hosting a teenager’s birthday party. They are difficult to please and a small mistake can leave the party ruined.

2) A mystery theme party is a good way to amuse a pack of adolescents. Older teens require and tend to prefer a more sophisticated setting when it comes to party. For a teen who is a more interested in books and board games, you can arrange a party that includes such activities. Make a huge scrabble board out of linoleum and arrange it in the backyard. This is a fun way to encourage your teen to participate in group activities. He or she will also enjoy it. Otherwise, you can host a dancing party equipped with a DJ. He should have all the latest songs so that the teens don’t get bored and eventually leave. Musical chairs and other kids’ games start sounding fun when you play the latest songs.

3) If you are hosting corporate parties then here are a few elaborate party planning ideas that can help you a lot:

 - Whether you deal with trade shows,  retirement parties, promotions, sales meetings, annual holiday parties or a golf outings, you will need to plan all these events with great detail.

- Corporate holiday parties are a great time to thank your employees and your clients for all their support during the year.
 

- Tropical island luau, Mardi Gras masquerade balls, company picnics ,Texas style barbecues, salsa nights, starlight balls can be a few amazing party themes that can be effectively incorporated for a corporate party.

A credit repair company is by definition a firm that helps you to improve your credit through various means such as checking your credit report for accuracy with the credit repositories (credit bureaus), settling any credit report dispute as it arises, handling credit repair in the wake of bad debts and so on. In other words, this is a company that help you in managing your finances and having better credit.

What a credit repair agency can do.

A lot of people advocate the “do it yourself” credit ranking restoration method rather than seek help from a trustworthy credit repair company. Is that better? It’s your choice. This is what a credit repair agency should offer you:

- checking the accuracy of information in your credit report as per each credit bureau (there are three of them – Experian, TransUnion and Equifax)
- disputing inaccurate information on your report; following it up until they are completely removed from the credit report
- offering advice on the best course of action so you can improve your credit rating as quickly as feasible
- counseling you on management of your finances so you will avoid future problems
- facilitating avenues that will enable you to earn your living again
- diligently monitor the credit report from each of the three bureaus to catch any mistake that could lower your credit score
- showing you the way to maintain a good credit-to-income ratio for best results on your credit score

What a credit repair specialist can not do for you?

A lot of people perceive a credit repair company like they would a genie in a magic lamp. But credit repair professionals cannot do everything. Here are some things that a credit repair agency can not do:

- settle credit report disputes at the snap of a finger – it requires at minimum 60 days
- repair credit reports overnight – it will take at minimum 6 months
- wipe off bad debts – it requires at minimum 6 months
- change facts entered in your credit report – it will get removed those which are genuinely errors
- wipe off the history of bankruptcy – it can only help you bolster your credit score as a bankruptcy record will stay on your record for a minimum 7 years
- increase your credit score by tomorrow – this is a gradual process that will take at least 3-6 months

3 warning signs that sound the alarm on a fraudulent credit repair company

While there are many reputable companies, there are nevertheless lots of scam out there who thrive on the gullibility and helplessness of people in financial hardship to make a fast buck. Here are three red flags that should tell you that the credit repair company is fraudulent:

- it asks for their fees in full upfront
- it promises you unbelievably fast results
- use of devious or illegal means to repair credit

Avoid these kinds of companies like the plague! Remember, a bad debt or even bankruptcy is not forever. But breaking the law to restore your credit can backfire in a terrible way. Never be tempted into accepting such “help” because these organizations are not trustworthy and will cause you untold grief.

www.odysseycs.org

As of the moment here in the beloved country of the USA we are experiencing a uncommonly terrible cycle financially. There have been such a big number of things that have gone drastically wrong in virtually every facet of the financial industry, which brought us into a recession. Whats worse it does not look as if it will be getting better anytime in the near future. Just one of the bigger issues that is destroying so many millions of US residents is the problem of bad credit card debt. We are at an all time high here in the US with unsecured credit card debt.

Presently there are two options of consumer debt relief that get used rather frequently. Starting with is a secured consolidation loan and the second is debt negotiation otherwise known as debt settlement.

Debt consolidation loans can turn out to be extremely jeopardizing. And why is if you are to fall behind on any of the monthly installments you take the possibility of getting your home forclosed on. Plus you must first own a home in order to apply such a loan. However a debt consolidation loan such as this will make your well being a little easier.

Debt settlement is a different method completely. This process has assisted millions of Americans to save great amounts of funds on what they currently owe the creditors. Another great thing is this route also saves a decent amount of time too.

The single real con to debt settlement for debt relief is you must fall into default on the debts in order for any of the credit card companies to be at all willing to negotiate on your bills. So naturally your FICO score can be negatively affected by experiencing this debt settlement procedure.