| Ask the Biz Brain
I purchased a house three months ago and have been using credit cards to help pay for renovating the property. My plan initially was to refinance and consolidate all the debt after I was done with the construction. However, my credit score has fallen and I am afraid I won't be able to get the best rate. What should I do? -- To the hiltYou're right, a credit score of 660 won't qualify you for a lender's best rate. Since your credit score is based on the information in your credit report, these balance run-ups are showing something's changing about your use of debt. Credit cards are unsecured debt, so increased balances means increased risk to the lender. That increased risk is showing up in your credit score. I'm going to assume you haven't missed any payments along the way.
Australians 'need to rethink borrowing habits'
MORTGAGEE companies say Australians will have to rethink their borrowing habits after the central bank today lifted interest rates. The Reserve Bank of Australia (RBA) hiked rates by 25 basis points to 6.50 per cent to head off inflationary pressures in the economy.Mortgage broker Mortgage Choice says some borrowers have been resting on their laurels when it comes to managing their mortgage. "This month's widely predicted rise should be the jump start many need to seriously reconsider their current mortgage situation, which should be done every year anyway,'' national manager, corporate affairs, Warren O'Rourke said. "Some people will be quite shocked at the increase because they havent been keeping in touch with industry commentary and predictions."And for the large number of people who have secured their first mortgage in the last 12 months, it will be the first time they have had to budget extra dollars per month for their property repayments. "This will take some adjustment.''Mr O'Rourke said borrowers should consider debt consolidation, fixing some or part of their loans, or refinancing.Housing Industry Association (HIA) managing director Ron Silberberg said the rise in interest rates will make it much harder for those with mortgages and for those trying to enter the housing market.Dr Silberberg said the rise was a double whack for average Australians looking to buy a home, with house prices also higher. "Too many are being locked out of the market, which is having some disturbing consequences for the private rental sector which is already strained,'' Dr Silberberg said.
125% Home Equity Loans Now Close Concurrently with a 100% First-Second Mortgage Refinance from BD Nationwide
BD Nationwide Mortgage introduces the "125% Home Equity Refinance Loan Combination" for refinancing 1st and 2nd mortgages into a new 100% first mortgage with a 125% home equity loan that funds simultaneously. The latest home equity product from BD Nationwide helps homeowners refinance their adjustable rate mortgage to 100% loan-to-value and enables them to consolidate additional consumer debt like revolving credit cards and unsecured high rate loans with a 125% second mortgage. On average, borrowers are saving $800 a month with 1st-2nd combo loans that were clearly created to convert and consolidate adjustable rate mortgages into fixed rate no equity loans that maximize savings. .
College graduate should pay down her student loans
Karen Wons of Maryland finds herself in a quandary that is confronting many parents.
She is struggling with how best to advise her daughter — a recent college graduate — on paying down her $25,000 in student loans.
Wons did what any wise parent would do. She asked for help.
.
Davis + Henderson Income Fund Reports Second Quarter 2007 Results
Davis + Henderson Income Fund today reported sharp increases in revenue and cash flow for the three and six months ended June 30, 2007 as the positive impact of program enhancements, higher than anticipated cheque order volumes and strong activity in the mortgage and real estate markets combined to produce above-target performance. Management Commentary The inclusion of the Filogix results for the full six months of 2007, as compared to just eleven business days for the same period in 2006, had a significant impact on revenue and cash flows to date this year. During the first six months of 2007, the Business continued to benefit from solid contributions related to program initiatives, such as iDefence(R) and BizAssist(TM). Additionally, two other significant factors contributed to above-target revenue growth: (1) cheque order volumes were stronger than anticipated, including incremental reorders related to the changes in imaging standards on cheques; and (2) record real estate activity in 2007 has significantly increased mortgage origination and underwriting fees within the Filogix Segment.
Signature Bank Reports 2007 Second Quarter Results
Signature Bank (Nasdaq: SBNY), a New York-based full-service commercial bank, today announced results for its 2007 second quarter ended June 30, 2007. Net income for the quarter increased to $10.2 million or $0.34 diluted earnings per share, up 24.3 percent when compared with $8.2 million or $0.28 diluted earnings per share reported in the 2006 second quarter. The growth in net income is primarily attributable to expanding net interest margins resulting from across the board increases in core deposits, short-term escrow deposits and loans. Net interest income totaled $36.8 million for the quarter, an increase of $7.2 million or 24.3 percent from the same period last year. Total assets reached $5.71 billion, representing a $1.01 billion increase or 21.4 percent over the $4.7 billion reported at the end of the 2006 second quarter.
|
